Batting A 1,000: Another Obama-Funded Solar Company Goes Belly Up – Blew $13.3 Million in Stimulus Cash

talkstraight:

Last Year Energy Conversion Devices moved 140 jobs from Michigan to Mexico to save money.

This week the Obama-funded solar company went belly up.
Energy Conversion Devices managed to blow $13.3 million in secured loans before filing for bankruptcy.
Reuters reported:

Lightweight solar product maker Energy Conversion Devices Inc filed for bankruptcy protection on Tuesday, the latest in a string of solar companies that have collapsed in an industry shakeout.

The company, whose filing follows years of losses and months of public discussions with bondholders, said it would sell its United Solar Ovonic unit and other assets in bankruptcy.

Energy Conversion, whose solar laminate products are used for panels on rooftops and buildings, said it would continue to operate during the sale process.

Of course… Democrats praised the company as one of his solar success stories before they tanked.

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