U S Senator Robert P Bob Casey Jr Pa Bright Source Disaster Barack Obama Solar Fiend Bob Casey Jr Pa Lights Go Out Again on Casey Jr Pa Obama Solar Failure Coal Dead No Oil Drilling BrightSource DOE Special Reporting BrightSource Energy, a “green” energy company, canceled its initial public offering (IPO), admitting that there is no market for its stock. Of course, this sort of failure probably wasn’t what the Department of Energy (DOE) had in mind back when it decided to award BrightSource a $1.6 billion loan guarantee for its Ivanpah plant in California.
“Not too long ago, the prospects for BrightSource seemed so limitless that the company incorporated the word into its logol,” the New York Times’ Diane Cardwell writes. “It had raised tens of millions of dollars from leading venture capitalists, struck partnerships with corporations like Google, Siemens and NRG Energy.”
“Supported by state policy that encouraged utilities to buy lots of solar power, BrightSource had also signed long-term deals to sell much of its planned electricity output to two large utilities,” she adds.
But then something happened: BrightSource (like Ener1, Energy Conversion Devices, Solyndra, Solar Trust, Mountain Plaza Inc., Fisker Auto, etc.) discovered that there isn’t much of a market for renewable energy. Well, not when you’re dealing with competition from the natural gas market and you’re being undercut in the renewable industry by foreign competition.
“The continued market and economic volatility are not optimal conditions for an I.P.O.,” John Woolard, BrightSource’s chief executive, said in a statement.
One could probably say BrightSource’s IPO failure is simply par for the course as far as “green” energy investments made by the DOE are concerned.
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