Where Our Money Went

Monday’s Boston Herald reported that Evergreen Solar Inc., has filed for Chapter 11 Bankruptcy. It is unfortunate when any company goes bankrupt, but Evergreen Solar has received some serious financial help from the Commonwealth of Massachusetts along the way.

The article reports:

Greg Bialecki, Patrick’s economic development czar, defended the administration’s support for the once-promising Evergreen. The state is still trying to recoup about $4 million in cash from the Marlboro-based company.

As previously stated, the green energy industry will develop naturally if it is allowed to make a profit. The pioneer spirit of America is still here. What is needed is the freedom to develop a technology and the ability to profit from that technology. Government interference in the marketplace does not allow the best ideas to thrive–instead it props up inferior technology that is not cost effective and will not succeed.

The article further reports:

To cut costs, Evergreen shifted some of its production to Wuhan, China, last year. That joint venture will remain operating subject to financing talks with Chinese investors.

That is adding insult to injury. I appreciate that the state trying to promote green energy, but I don’t appreciate using taxpayers’ money to prop up businesses.

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