Article

2012-10-22 Economy

ReVolt Technology, backed by Oregon, heads for bankruptcy

Losses on ReVolt are tiny compared to those at Solyndra
...a green technological winner picked by the B.O. regime that cost the taxpayers a half billion dollars, with the added benefit of the campaign contributors who put money into the project getting paid before the taxpayers when the wreckage went up for sale...
Inc., the notorious Caliphornia solar company that tanked after receiving a $535 million federal loan guarantee. Portland and the state of Oregon had committed $6.8 million to ReVolt, which also landed a $5 million federal grant.

But the timing of ReVolt's demise is awkward ahead of the Nov. 6 election for Democrats, who have plugged renewable-energy companies in the face of Republican criticism.

Oregon Democrats who lavished praise on ReVolt as it acquired funds and chose a site in 2010 include U.S. Sen. Jeff Merkley, U.S. Sen. Ron Wyden, U.S. Rep. Earl Blumenauer, Rep. Tobias Read, of Beaverton, former U.S. Rep. David Wu and former Gov. Ted Kulongoski. Portland Mayor Sam Adams was also a strong supporter.

The German-based company with North American headquarters in Portland couldn't make its technology work properly, according to one of its board members and investors. Erik Hagen, Viking Venture managing partner in Norway, said ReVolt managers and others worked hard to find customers and more investors.

Posted by Fred 2012-10-22 13:27|| || Front Page|| [11131 views ] Top

#1 Not the first, not the last. If these Green investments made *any* kind of sense, you would see private money jumping in. I wonder if govt. money is becoming a signifier - a sort of USDA stamp of suckitude, that says you really don't want a part of this.

Posted by SteveS 2012-10-22 15:36|| 2012-10-22 15:36|| Front Page Top

#2 If we still had an functioning Attorney General and Rule of Law, a special prosecuter would be appointed to investigate these scandalous Green schemes. I doubt it would take long to discover they were little more than money laundering factories for Champs re-election campaign.

Posted by Besoeker 2012-10-22 15:43|| 2012-10-22 15:43|| Front Page Top

#3 These kickbacks to Obama Supporters (and contributors) is becoming rather ReVolt-ing.

(Sorry - had to be said....)

Posted by CrazyFool 2012-10-22 16:43|| 2012-10-22 16:43|| Front Page Top

#4 Besoeker, Jan 22, 2013, is not beyond the statute of limitations...

Posted by Steve White 2012-10-22 17:21|| 2012-10-22 17:21|| Front Page Top

#5 One of the mighty 60% of 300-plus solar companies to declare possible bankruptcy by 2014 - remaining 40% +/1 by EOY 2015???

To paraph KRAUTHAMMER = "SAY IT WID ME, AMERIKA, YOU TAX/GREEN DOLLARS AT WORK"!

D *** NG IT, AMERIKA, WE HAVE TO USE UP ALL THE SCARCE CHEAP OIL [Peak Oil] TO MAKE ALL THOSE [post-WOT OWG]"CASHLESS SOCIETY" PLASTIC DEBIT CARDS IN ORDER TO SAVE ALL THE SCARCE TREES, ETC. [Peak Trees/Forests/Flora] FROM BEING TURNED INTO PAPER DOLLARS!

Save a Tree - use up all the Oil!
Save the Oil - use up all the Trees!
Save the land for defective Green Farms - destroy the Food Crops + buy Solyent Green!

["FAMILY GUY'S" PETER "WE MUST FORCE THE SUN TO SURRENDER" GRIFFIN here].

Posted by JosephMendiola 2012-10-22 20:14|| 2012-10-22 20:14|| Front Page Top

#6 ReVolt current of acceptability met resistance and possible impedance, which produced reactance causing bankruptcy.

Posted by Alaska Paul 2012-10-22 21:10|| 2012-10-22 21:10|| Front Page Top

14:48 NoMoreBS
14:31 NoMoreBS
14:16 NoMoreBS
14:15 NoMoreBS
14:04 swksvolFF
13:47 Regular joe
13:43 swksvolFF
13:38 swksvolFF
13:34 swksvolFF
13:31 Abu Uluque
13:25 Heribertus Vedente
13:24 mossomo
13:20 Abu Uluque
13:14 mossomo
13:06 swksvolFF
12:51 Grom the Affective
12:31 Abu Uluque
12:20 swksvolFF
12:17 Abu Uluque
12:08 swksvolFF
12:08 ed in texas
12:05 ed in texas
12:01 ed in texas
12:00 ed in texas