Friday, November 30, 2012

Another Solar Company Goes Bust

To the list of "36" in the original post, we can now add another solar company that has gone bust: Twin Creeks Technologies. This is their $26 million website. I assume this link will break soon -- the website is a single page, completely white except for a "sunburst" icon and "twincreeks technologies" all in lower case. That's the website. I can't make this stuff up. Here's the story:

Mississippi taxpayers may have only an empty Senatobia building and some solar panel equipment to show for nearly $26 million in loans provided to Twin Creeks Technologies.
The California-based solar technology firm is liquidating, and a company that bought Twin Creeks' assets does not intend to take over its agreement with Mississippi. The contract called for Twin Creeks to invest at least $132 million and create at least 500 jobs.
Federal money --> solar company start-ups --> executive compensation --> executives donate to election campaigns of their choice if they desire --> election over --> 38 solar companies declare bankruptcy. I'm sure that did not happen, but it would be a great novel. Or a Harvard business school case study of moving money around in a society with "eyes wide shut."

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