Yes yet another “alternative” energy company backed by the taxpayers has bitten the California dust.
Again, we are not against solar, or wind, or algae, or whatever else. I personally think we need to diversify our energy sources, especially for vehicles, in a big way. But we are against the subsidization of such industries, or any industry for that matter.
This is what happens when bureaucrats with wide-eyed visions of revolution (I mean in this case an energy revolution.) get hold of a pile of money. They make poor decisions because the price system is tossed out the window. But the market will bend the revolutionaries to its will. It always does.
In the attached article Zerohedge.com examines the implosion of Solar Trust of America, and boy is it ugly. As they say in the article, it looks like Solyndra was just the beginning. The (government backed) green energy bubble has popped and hell is being paid.