Another ‘Green’ Energy Initiative Fires Thousands of Workers
- Posted on April 17, 2012 at 11:10am by
Becket Adams
- Print »
- Email »
America’s largest solar panel manufacturer is laying off 2,000 workers and closing factories in response to “waning demand” and increased competition from China, the Associated Press reports.
First Solar Inc. says the layoffs amount to 30 percent of its global workforce. Some cuts come from shutting down production lines in Malaysia and closing a factory in Germany. The company will also cut additional jobs in both Europe and the U.S.
First Solar says its manufacturing costs should drop by $30-$60 million this year and another $100-$120 million a year afterward. It will book a restructuring charge of $245 to $370 million.
The Tempe, Ariz., company says the cuts are necessary to cope with deteriorating demand in Europe, which has been the biggest market for solar panels.
However, what’s odd about the Associated Press report is the fact that there’s no mention of the $3.1 billion in federal loan guarantees First Solar was awarded back in 2011. We assume the billions were given with the understanding that First Solar, “America’s largest solar panel manufacturer,” would boost the economy and create jobs.
Not so much.
And there’s no mention of that time First Solar (via the infamous Export-Import Bank) was awarded $455.7 million in additional funds to sell solar panels to itself. And there’s no mention of that time former CEO Rob Gillete’s unexpected resignation sent the company’s stock into a downward spiral.
What we’re trying to say is that maybe — just maybe — First Solar was a poorly run company from the start and the mass layoffs have nothing to do with Chinese competition and “waning demand” but everything to do with lousy management and structuring.
But should this come as a surprise (not for the “green” energy industry as a whole — although layoffs and Chapter 11 seem to be all the rage — but for First Solar specifically)? The warning signs had been in place for some time. Consider when The Blaze reported in February:
First Solar’s stock tanked in after-hours trading on Tuesday after reporting a disappointing fourth quarter earnings report. The company saw a net loss of $413.1 million from write-downs, charges and decreased sales prices. This compares to a $155.9 million profit in the previous year.
The company’s adjusted earnings per share declined to $1.26 from $1.88 while revenues increased 8 percent to $660 million; both of these numbers missed estimates. With a weaker than expected demand, First Solar lowered its 2012 revenue guidance.
What with the plummeting stock, the CEO resignation, the billions in loan guarantees — the surprising part might be that the layoffs didn’t occur sooner.
The Associated Press contributed to this story.
Popular Stories
MSNBC Host Snaps in Heated Segment: ‘What in the World Is Riskier Than Being a Poor Person in America?’ 682 Comments
Does Misstated Marathon Claim Prove Paul Ryan Is Dishonest? (POLL) 647 Comments
‘Jumah at the DNC’ Speaker: ‘Muslims Visited America Prior to Columbus’ & ‘It Was a Muslim’ Who Guided Him to the ‘New World’ 523 Comments
Obama: RNC Like Watching ‘Black-and-White TV’ Because Romney ‘Did Not Offer a Single New Idea’ 361 Comments
Roseanne Barr: Most Billionaires ‘Violent Pedophiles’ & ‘Heartless’ Cocaine Addicts 314 Comments
Faith
This Is the Creationists‘ Response to Scientist Bill Nye’s Viral Pro-Evolution Video Claiming They Harm Children 170 Comments- Pakistani Muslim Cleric Accused of Framing Disabled Christian Girl in Koran-Burning Case Read More
- ‘Made Up Religion’: TV Historian Enrages Muslims, Receives Threats After Producing UK Documentary Questioning Islam’s Beginnings 206 Comments
Meet the Controversial German Imam Accused of Brutally Beating His Wife & Pushing Sharia Law Read More
‘Self-Proclaimed Messiah’ & Unification Church Leader the Rev. Sun Myung Moon Has Died — Here’s His Life Story Read More
Business
- Germany’s Upcoming Court Ruling Will be Huge for the EU Read More
Ford Looks to Beat Toyota for Best-Selling Car in 2012 With This Model 146 Comments
Bernanke & QE3: Here’s What You Need to Know Read More- ‘Extortion’: Why Did the Labor Department ‘Drop the Hammer’ on Oregon Farmers? 300 Comments
Scathing New Ad Capitalizes on Rep. Ryan‘s ’Fading Obama Posters’ Remark 124 Comments
Technology
- This Is the Creationists‘ Response to Scientist Bill Nye’s Viral Pro-Evolution Video Claiming They Harm Children 170 Comments
‘TaserDrone’: Hackers Weaponize Quadcopter With Actual ‘Shocking’ Technology Read More
Ever Heard of the Wild ‘Burning Man’ Festival in the Middle of the Nev. Desert? Here’s Your Primer Read More
Stanford Develops Technology ‘Better Than Steroids’ for Athlete Recovery Read More
Have You Pretended to Know What ‘the Cloud’ Is? You’re Not Alone Read More
Submitting your tip... please wait!
Comments (80)
flsnipe
Posted on April 17, 2012 at 12:25pmImaging that another failure!
Report Post »83plus
Posted on April 17, 2012 at 12:52pmThey couldn‘t save Solyndra either and that was the stimulus bill’s job, which couldn’t even keep the unemployment below 8%.
Report Post »aChameleon
Posted on April 17, 2012 at 12:58pmDo you think the liberals will learn anything from all these failed companies? With proof right in front of them, will they change their mind about how viable green energy is? You just can’t argue with stupid or stubborn.
Report Post »83plus
Posted on April 17, 2012 at 1:11pm@AChameleon Most if not all of them haven’t learned anything in the last three years, they also have difficulty listening to and/or refuse to listening to facts.
Report Post »johnjamison
Posted on April 17, 2012 at 2:00pmacham.
Report Post »They will when we hold each and everyone of them accountable for their action. They need to look at investing tax dollars as if it were their own. and the only way to do that is garnish their wages and place liens against their property and assets. Take the total of wasted tax dollars on obvious ideological investments and divide the debt between them.
infortheride
Posted on April 17, 2012 at 3:20pmIt is easier and more productive to teach your pet rock anything compared to teaching a Liberal anything other than,” It’s someone else fault”, their first learned words.
Report Post »turkey13
Posted on April 17, 2012 at 3:30pmGood lord people it was only 3.1 billion dollars. It should have been at least a half trillion $$$. By the time the 3.1 billion trickeled thru all those Congress peoples pockets there was probably only a few million dollars left. Don‘t forget Joe’s cut and a bunch into Obamas girls off shore college fund.
Report Post »Bill Rowland
Posted on April 17, 2012 at 4:01pmJust think, with the failure o all of these green energy companies, Sweet Old Baracks speech on the rising cost of energy he specifically mentions his administrations determination to invest in green energy.
Sweet Old Barack and his energy guru, Chu are determined to see our gas prices at $7.00 per gallon and electricity prices to at least double. They do not care about the hardships that the high prices place on the average family and senior citizens. I have to have my car and gasoline to get to my doctors appointments, the grocery store and other necessary trips. If Obamacare stands I may no longer need to go to the doctor as the panel will probably say I don’t need to see so many specialists.
OMG 2012
Report Post »cuinsong
Posted on April 17, 2012 at 5:37pmPeople this is a scam that is robbing us blind using a modified Straw man scheme!
Report Post »Here’s how it works.
Find an industry that has need of big investment capital.
Set up and investment source (Straw man) that uses stock options as collaterals to offset what appears to be investments in the industry and setup illegal 1st place investment pay back guarantees.
Then find a source of real money such as Stimulus money that you can relegate to a default 2nd place pay back position.
Then collapse the stock price to show a big investment loss.
Then raid the co’s funds claiming a big loss in value of collaterals so the Stimulus money go’s to the phony investors in stead of back to US first.
This is how we are getting screwed. Right in front of our eyes!
Sorry but I don’t have a song for this kind of crime!
Ruler4You
Posted on April 18, 2012 at 6:57amStop with the “Americans largest” manufacturer B S . That only leads to “too big to fail” we need more tax payer money ill logic.
“Business ”IS” about BOTH a ‘good’ and or a ‘service’ AND managing your money.
Can’t manage your companies finances? Good bye!
Report Post »abbygirl1994
Posted on April 17, 2012 at 12:24pmWow, another failure for a failure!
Report Post »MAMMY_NUNN
Posted on April 17, 2012 at 7:18pmWe are tired of bending over and someone has to pay (You know like the prostitute in Columbia) someone has to pay.
Report Post »South Philly Boy
Posted on April 17, 2012 at 12:09pmJust a NEVER ENDING WASTE OF MONEY… OUR MMONEY
Report Post »db321
Posted on April 17, 2012 at 12:27pmI don’t care about the Billions we are wasting on Green Energy!
I want to know why Obama two weeks ago added the amendment to his power to declare Marshall Law in the Case of a “Monetary Collapse” of the US Dollar – Most Economist have warned of a Monetary Collapse for years, but you never hear anything about it – we always hear of an economic collapse.
We have been in an Economic Collapse for years – a Monetary Collapse means the US Dollar is dead! This means your dollars turns into rock. Take a rock into a Store and try to buy bread with it. The Dollar is worthless!
Report Post »jhrusky
Posted on April 17, 2012 at 1:24pm@db321
Do you have a link where I can read this alleged amendment?
Report Post »infortheride
Posted on April 17, 2012 at 3:23pmThis Executive Order was posted on the WhiteHouse.gov web site on Friday, March 16, 2012, under the name National Defense Resources Preparedness.
Report Post »In a nutshell, it’s the blueprint for Peacetime Martial Law and it gives the president the power to take just about anything deemed necessary for “National Defense”, whatever they decide that is.
It’s peacetime, because as the title of the order says, it’s for “Preparedness”. A copy of the entire order follows the end of this story.
Under this order the heads of these cabinet level positions; Agriculture, Energy, Health and Human Services, Transportation, Defense and Commerce can take food, livestock, fertilizer, farm equipment, all forms of energy, water resources, all forms of civil transportation (meaning any vehicles, boats, planes), and any other materials, including construction materials from wherever they are available.
This is probably why the government has been visiting farms with GPS devices, so they know exactly where to go when they turn this one on.
Specifically, the government is allowed to allocate materials, services, and facilities as deemed necessary or appropriate. They decide what necessary or appropriate means.
bandi9
Posted on April 17, 2012 at 11:59amAnd I am also very tired of hearing Issa’s committee tell Chu how freaking smart he is. if all it takes is to lose billions of dollars, i could be considered a genius!
Report Post »Sirfoldallot
Posted on April 17, 2012 at 12:15pmI‘m sic of Issa’s questions . do something ; I think Issa is in on the corruption WTH.!!!!
Report Post »jmgair
Posted on April 17, 2012 at 1:53pmMaybe you can share with us all when the Issa commission praised Chu for his intelligence ? They did laugh him out of the room but never did they praise him.
Report Post »bostozz1
Posted on April 17, 2012 at 5:23pmChu may be smart but not in the real-world sense. He may have been a real whiz with an electron microscope or mass spectrometer, but when it comes to applying green to make the green, he consistently comes up short. he ‘s been so high on EVs yet he doesn’t even own a car. If you’re going to be successful, the rule is to surround yourself with talented and experienced people. Now look what our leader has surrounded, er engulfed, himself with. No second term is going to cure that infirmity.
Report Post »RodT82721
Posted on April 17, 2012 at 11:56amI don’t think anyone should be surprised that AP failed to mention another failed green company taking down millions of tax payers money with them. AP’s job is to get Barry re-elected.
The entire ‘green’ alternative energy push was based on the lie of global warming being man-made. The premise came out of academia, where most of the Federal dollars go to ‘fix’ the problem they crated.
The electric car, a long time proven failure, was just another way for the pin-heads, from academia, proving most of their theories are based on smoke and hope.
Report Post »Our POTUS another pin-head thought he had all the answers, now we know he’s just another self-important academic, with nothing but unproven theories. Every one of his policies are failures.
petev1717
Posted on April 17, 2012 at 11:55amAnother Obumer and liberal failure How much more can we take The biggest Thieves in American History
Report Post »moreteaplease
Posted on April 17, 2012 at 11:52amMBA
Posted on April 17, 2012 at 11:21am
When is congress going to make these companies pay back the money that 1) they should not have been given in the first place; and 2) that they squandered on a product they knew didn’t exist. Sounds like fraud to me. obamy is responsible–he should pay as well.
Report Post » Reply
HKS
Posted on April 17, 2012 at 11:25am
maybe we could get our money back from Obames private stash?
Report Post »——————————————————————————————————-
I hear they’re handing it out through the back door of a dollar store…LET’S GO!
RJJinGadsden
Posted on April 17, 2012 at 11:49amGeez, money looks like fertilizer to the members of this administration. They scatter it about the same too.
Report Post »00gabooga
Posted on April 17, 2012 at 11:44amYou guys are looking at this the wrong way. Think of the boon this administration is providing for the bankruptcy lawyer industry!
Report Post »RJJinGadsden
Posted on April 17, 2012 at 11:51amJust what we need, stronger and wealthier lawyers!
Report Post »Mark0331
Posted on April 17, 2012 at 11:44amIts starting to pick up speed, the destruction and waste of our Nation under Barrys’ watch…it is becoming all too visible and people who have had their eyes closed or head turned have no choice but to admit Barry is a failure of epic proportions….Barry and his brainwashed minions will not go quietly into the night, stay vigilant people.
Report Post »Master.Debater
Posted on April 17, 2012 at 11:42am“First Solar was a poorly run company from the start and the mass layoffs have nothing to do with Chinese competition and “waning demand” but everything to do with lousy management and structuring.”
It could also be both: lousy management and Chinese competition and waning demand. It’s a no brainer that Chinese manufacturers are going to be dominant in a market for commodities like solar wafers and modules. There is a reason why all of our electronics are made in china. Obama thinks he can negate Ricardo’s 200 year old Theory of Comparative Advantage in international trade by simply passing out billions of tax dollars to prop up companies run by his friends and cronies.
Report Post »lukerw
Posted on April 17, 2012 at 11:53amThere is no such thing as Green Energy! Oil, Natural Gas, and Coal are Energies… because they can be used. Alternate “energy”… Solar, Wind, and Water must be constantly converted by using technology (always subject to failure) to produce an Energy! And, the problem with Alternates is that the Technology fails and must be repared or replaced before any Pay Off in Savings!
Report Post »lukerw
Posted on April 17, 2012 at 12:22pmOh, yeh… Rush just reminded me: Alternate “energy” only is good for Electricity… and will not support any AirLine or Truck…
Report Post »johnjamison
Posted on April 17, 2012 at 12:28pmIf FIRST SOLAR was such a poorly run company WTF was it doing with 3.1 billion in government loans
Report Post »Rayblue
Posted on April 17, 2012 at 1:52pmGreen energy speculators making all the wrong calls either on purpose or in abject ignorance.
Report Post »Detroit paperboy
Posted on April 17, 2012 at 11:41amThers gotta be an Obama donor in the story somewhere, I got twenty bux say , yes………
Report Post »myway
Posted on April 17, 2012 at 3:05pmThese are all his elite friends laughing their a$$ off. Everyone obama works with is filthy rich and a crook, it is the Chicago way.
Report Post »VinnieSquawker
Posted on April 17, 2012 at 11:37amAll by design to bankrupt the country. Nothing new. All according to ‘the kid’s‘ handlers’ plans.
Report Post »youdidthis
Posted on April 17, 2012 at 11:34am98,000 federal employees owe $1 billion in back taxes…
Report Post »http://www.drudgereport.com/
Panetta regrets expense of his weekend trips to CA home…
lukerw
Posted on April 17, 2012 at 11:33amAre we up to a Trillion Dollars in Redistribution Of Wealth, yet?
Report Post »Detroit paperboy
Posted on April 17, 2012 at 11:28amMorons and Thieves…………
Report Post »NOBALONEY
Posted on April 17, 2012 at 11:28amSolar power is flickering.
Report Post »Gonzo
Posted on April 17, 2012 at 11:27amHow many homes have you seen converted to solar? It’s not happening anywhere near me. Who did Obama think was going to buy all these solar panels anyway?
Report Post »JP4JOY
Posted on April 17, 2012 at 11:54amI know of a few families that took out loans during the ‘05-’08 mortgage bubble. They got tax credits and such, typically spent $25,000 and now have monthly bills in the $40-$50 range. That was when money flowed freely for anything. Those upgrades will take 20-25 years to pay off the principal & interest on their investment. Not really a good use of their money. Had they bought gold in ‘06 they would have $125,000 worth of the shiny metal and could use the profit to pay for their energy for the rest of their lives.
Report Post »AvengerK
Posted on April 17, 2012 at 11:59amThat’s where creeps like his latest appointee Heather Zichal to his “task force on hydraulic fracking” (done just this last Friday…familiarly out of the newscycle) come in. Stephen Chu his energy secretary…Lisa Jackson at the EPA…Salazar..ad nauseum. They’ll simply keep twisting the thumb screws on the coal, natural gas and oil industries here in the U.S. until prices go up to the point where Americans will believe the propaganda and buy rhe solar panels, Chevy Volts…etc..etc. It’s an isidious little cabal of leftists, incompetents and corruptocrats that Obama has surrouned himself with. Don’t let me sell Obama short either…he knows what these people are going to be doing..they have records and affiliations. Look..Obama’s made his intentions clear already..he’s happy to see costs “necessarily skyrocket” for all Americans and doesn’t mind bankrupting the coal industry. In typical marxist style..he’ll use pain and discontent to push his agenda..and if he has to inflict the pain to cause the discontent? So be it. Come on GONZO…you know this stuff man.
Report Post »altannt
Posted on April 17, 2012 at 12:00pmI don‘t see any panels up here in NH the sun hasn’t been out all winter.
Report Post »Gonzo
Posted on April 17, 2012 at 12:48pmEnergy prices have skyrocketed AK and still nobody is buying them. Very few anyway.
Report Post »AvengerK
Posted on April 17, 2012 at 1:24pmNot enough pain inflicted yet GONZO…that’s where Chu, Salazar, Jackson and Zichal have to keep working for “the struggle”.
Report Post »For example…Zichal..only appointed this past Friday to Obama’s “fracking task force”.. wrote an op-ed in USA Today praising Obama’s decision to not go ahead with the Keystone Pipeline.
Here‘s some more of Zichal’s greenie blather….
“[...] Recovery Act investments in clean energy “have created hundreds of thousands of jobs and spurred thousands of clean energy projects across the country,” Zichal wrote on the White House blog.
She added that the Energy Department’s loan guarantee program has helped finance 40 energy projects that will create 60,000 jobs, and, disputing industry and GOP claims about Keystone’s jobs potential, said the pipeline would create only a “few thousand” temporary jobs.” ..I like that one..she’s still sticking with “will create 60K jobs” after we‘ve seen green company after green company that’s received Obama loan guarantees shut it’s doors or lay off thousands of workers.
This is the person Obama appointed to oversee fracking GONZO..you really think she’s going to ease up on the natural gas industry and let prices come down?
GONZO..in order to prop up these failing solar companies, Obama needs to force natural gas prices higher. This is where Zichal comes in.
Gonzo
Posted on April 17, 2012 at 2:32pmI’m not arguing your point Ak, I’m just saying his plan is failing miserably. He needs these companies to stay afloat until after the election at least and they are not making it and I see no signs of any increase in consumers buying into green products.
Report Post »Madmilo
Posted on April 17, 2012 at 11:26amI have a meat market. I sell stuff people like and want. Enough said.
Report Post »lukerw
Posted on April 17, 2012 at 11:46amLOL :) My Man!
Report Post »Smokey_Bojangles
Posted on April 17, 2012 at 11:25amAnother Obama Failure.
Report Post »CatB
Posted on April 17, 2012 at 11:31am“However, what’s odd about the Associated Press report is the fact that there’s no mention of the $3.1 billion in federal loan guarantees First Solar was awarded back in 2011. We assume the billions were given with the understanding that First Solar, “America’s largest solar panel manufacturer,” would boost the economy and create jobs.”
No people are p*ssed that Obama has p*ssed so much money away .. and his poll numbers are continuing to drop .. they don’t want to inform people about his CONTINUED FAILURE!
Report Post »Gary_K
Posted on April 17, 2012 at 11:22amGo green … Go broke.
It’s the NWO way to the future.
Report Post »AvengerK
Posted on April 17, 2012 at 11:25amWell at least Obama is consistent in his backing of losers…with our money. Why isn’t Stephen Chu fired yet? Seriously….
Report Post »RepubliCorp
Posted on April 17, 2012 at 12:14pmGoing Green to blow the taxpayers green ……..
Report Post »Itsjusttim
Posted on April 17, 2012 at 11:21amSeems a bit overwhelming huh? It has to be or people won’t believe God is the one who fixes things.
Report Post »MBA
Posted on April 17, 2012 at 11:21amWhen is congress going to make these companies pay back the money that 1) they should not have been given in the first place; and 2) that they squandered on a product they knew didn’t exist. Sounds like fraud to me. obamy is responsible–he should pay as well.
Report Post »HKS
Posted on April 17, 2012 at 11:25ammaybe we could get our money back from Obames private stash?
Report Post »LukeAppling
Posted on April 17, 2012 at 11:20amIt‘s only money don’t worry the “green job scam ” has plenty of followers led by obama and my tax dollars.
Report Post »Itsjusttim
Posted on April 17, 2012 at 11:19amAh, I see Glenn Beck is getting back on track again. Good Glenn.
Report Post »