Republican candidate Mitt Romney claimed that half of the green-tech companies funded by Obama’s stimulus package had gone bankrupt.
First of all, this is the kind of estimate that’s inherently hard — if not impossible — to pin down, due to the large number of companies involved. That $90 billion, for example, included $4 billion for smart grid projects, such as installing smart meters. So do you count all the big utilities that received money to install meters? (By the way, that doesn’t include Pacific Gas and Electric Co., which funded its $2.2 billion SmartMeter program through utility bills.) How about the companies that make the meters? We’re talking about a lot of businesses that benefited from clean-energy spending under the stimulus, and the chances that half of them went belly-up in the last three years are minimal, to put it mildly.
There are 33 projects. By my count, three of the companies behind those projects have gone bankrupt — Abound Solar, Beacon Power, and Solyndra.