Last Updated:October 22 @ 07:58 am

Another Green Obama Company Bites the Dust

By GOPUSA Staff

Want to know a sure way to go out of business? Be a "green tech" company in the good graces of the Obama administration. It turns out that, just like Solyndra, another alternative energy company receiving massive funds from the federal government is about to go under.

A geothermal energy company with a $98.5 million loan guarantee from the Obama administration for an alternative energy project in Nevada -- which received hearty endorsements from Energy Secretary Steven Chu and Senate Majority Leader Harry Reid -- faces financial problems, and the company's auditors have questioned whether it can stay in business.

Much like Solyndra LLC, a California solar-panel manufacturer with a $535 million federal loan guarantee that went bankrupt, Nevada Geothermal Power (NGP) has incurred $98 million in net losses over the past several years, has substantial debts and does not generate enough cash from its current operations after debt-service costs, an internal audit said.

"The company's ability to continue as a going concern is dependent on its available cash and its ability to continue to raise funds to support corporate operations and the development of other properties," NGP auditors said in a financial statement for the period ending March 31.

It appears those on the left forget one important aspect about a business... it's supposed to make a profit.

Read the full story at The Washington Times

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6 Comments

  1. joelinpdxComment by joelinpdx
    July 5, 2012 @ 3:03 pm

    The problem is that the Obozo Administration checks the campaign finance records and ignores the bottom line in making its decisions about these companies. Oh yeah, and it doesn’t hurt that these companies are involved in “green” energy, even though there’s no evidence that “green” technology works and plenty of evidence that it doesn’t.

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  2. effwingerComment by effwinger
    July 5, 2012 @ 3:33 pm

    I guarantee we are only hearing about the tip of the iceberg, there are probably hundreds of the “green” companies, so named for they are nothing but dimocrat money laundering machines. The left knows what profit is, but have found it easier to steal it than to earn it. With the libtard media acting as the watchdogs of corruption, our money is essentially unprotected. Disinfect the nations capital, vote the Kenyan socialists OUT in November….

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  3. JDZComment by JDZ
    July 5, 2012 @ 6:46 pm

    Are there any success stories involved in any of the alternative energy investments of the Obama administration? They just will not let the private economy work it out, instead, they are trying to force these technologies before their time, or as someone said, it isn’t about expected success, it is about politics, either payback or money laundering associated with Obama supporters.

    Here is an interesting twist, the Obama administration is all over Romney about Bain Capital but Bain had an 80% success record doing a lot of what the Obama administration is trying to do without any successes, or we would definitely know about it.

    The bottom line is that the liberal mentality believes that government as the all encompassing answer to every problem that we face, including the management of our private economy. The Obama administration has essentially launched a war against capitalism but it is failing across the board because most of the expertise to do this exists outside of the government. They just are too stubborn to admit they are in over their heads.

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    • sophillyjimmyComment by sophillyjimmy
      July 5, 2012 @ 8:59 pm

      JDZ, when it comes to “Green” companies it has nothing to do with capitalism or this administration being over it’s head but it does have everything to do with our tax dollars going into “Green” companies that were created only to get government loans from Obama who quickly skims his cut off the top and fills his campaign coffers then doesn’t care what happens when these companies go down faster then the Titanic. Obama gains money while we the taxpayers take the hit.
      Green energy is still in it’s infancy and nobody is nurturing this infant, it is like a family who adopts infants only go make money off of them while the infant dies of starvation.
      Like Kermit the Frog sings, “It’s Not Eary Being Green” but it is easy to start a Green company just promise Obama his cut and the money is yours for the keeping. If I were corrupt it would be so easy to come up with some green scam, then get the money and run. Becoming wealthy is so easy during this presidents tenure, all is cost is your soul and we could live the life of luxury. Personally, I would rather live the mundane life of a middle class citizen for as long as that will last, but if given 4 more years in the White House, we the middle class will go by way of the dinosaur.

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  4. Stan ParrishComment by Stan Parrish
    July 5, 2012 @ 10:24 pm

    Ho hum. Another Obama campaign donor gets megabucks in taxpayer dollars from the Obama administration. That’s par for the course. What else is new?

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  5. librabobComment by librabob
    July 5, 2012 @ 11:00 pm

    Obama and his cronies in just 3.5 years have stolen/misappropriated more of other people’s money than all the criminals and all the corrupt politicians combined since this country’s inception.

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