French Solar Company Wins $25 million Contract After Posting Losses of $70 Million
Posted by Jim Hoft on Thursday, July 5, 2012, 5:45 PM
The Department of Energy recently awarded a $25 million contract to a French company that just reported losses of $70 million.
Heritage Blog reported:
The Department of Energy recently awarded $25 million to a French company that posted net losses of about $70 million last year, and whose solar division is particularly troubled financially.
As part of its Scaling Up Nascent PV At Home (SUNPATH) project, DOE’s Energy Efficiency and Renewable Energy (EERE) division announced three awards in June to promote high-volume solar energy production.
The largest of the three awards, totaling $25 million, went to Soitec Solar, a French company, to build a solar production facility in San Diego, CA. While Soitec is not in dire financial straits like some other DOE-backed companies, it posted hefty losses during its last financial year, which ended March 31. A number of its major financial indicators were worse than the prior financial year.
According to a company report, Soitec posted a gross profit of $63.1 million, down from $82.9 million the year before; operating losses of $57.3 million, down from an operating profit of $2.3 million the year before; and a net loss of $70.5 million, up from $22.4 the year before (all dollar amounts are converted from euros).
The company’s solar division was also deeply in the red. It posted operating losses of $56.2 million in the financial year that ended in March, up from an operating loss of $31.2 million the year before. Its gross profits were -244% of its sales for that year, meaning it lost about $2.44 for every dollar in sales it took in.
Siitec is deeply in the red.
Soitec Financial Report
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snap boy commented:
Obama and Chu haven’t thrown away enough money on bankrupt US solar companies?
Granny commented:
Why are we giving ANY money to a FRENCH company?
Dennis commented:
Why isn’t any of this money going to established solar companies in the U.S., like Sharp?
back to the future.. commented:
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you don’t get it..
they are going to do this irrespective of anything..
and i do mean anything..
-bg
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The All Real numbers Symbol commented:
Yep, a $70 Million dollar loss isn’t that much. This company is totally a safe investment.
[sarc on *clap clap* sarc off]
back to the future.. commented:
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re: #4 July 5, 2012 at 6:28 pm bg
Maurice Strong Interview (BBC, 1972)
1972 United Nations Conference on the Human Environment (Part 1)
1972 United Nations Conference on the Human Environment (Part 2)
bit more of much more here (#40), in connecting links & threads..
[abain, just a sample]
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jaiphx commented:
bg are you incognito? You have someone stalking you? That’s all right We still love you.
Flintstone F. commented:
Look on the bright side, at least there’s a few graphic artists out there getting paid for the logo designs. Impressive use of Window’s Paint.
Red Flag: Company name doesn’t actually mean anything.
back to the future.. commented:
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re: #8 July 5, 2012 at 6:47 pm bg
UN Environmental Constitution
LOST (#8), and scroll for a bit more (#24) of much more (#29) ..
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Meximom commented:
hmmm. And this from the guy who has spent millions on campaign ads falsely accusing Romney of sending jobs offshore.
No hypocrisy here folks!
back to the future.. bg commented:
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jaiphx #9 July 5, 2012 at 6:51 pm
no, it’s me, just forgot to add the bg..
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back to the future.. bg commented:
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jaiphx #9 July 5, 2012 at 6:51 pm
(((thanks)))..
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back to the future.. bg commented:
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wonder if this helped boost Cloony’s
Obama fundraiser by 25 mil?? /s/
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valerie commented:
There’s a lesson here, both for the US (writ large) and a small town in California
How Stockton went broke: A 15-year spending binge
http://www.reuters.com/article/2012/07/03/us-stockton-bankruptcy-cause-idUSBRE8621DL20120703
If you don’t take the possibility of a downturn seriously, the damage when one comes will be exacerbated.
Blue Hen commented:
So. Is this outsourcing, offshoring or downflushing?
tommy mc donnell commented:
now you know why he is fund raising in europe. how much of that 25 million do you think will be laundered into obama’s campaign.
donh commented:
Obama neglected to FIRE CHU after the Solyndra scandal …and Republicans refused to put up a fight about it ….So now this incompetant man has remained in power cutting checks to bogus shell companies controlled by Soros fascists seeking to revive the Nazi Die Glocke program.
SeniorD commented:
Not suprising. Our resident Socialist in Chief just visited his new BFF in France. The fix was in.
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