Konarka shutting down after raising $185M for solar tech
After raising at least $185 million in private capital for its solar power technology, Konarka Technologies Inc. is selling off its assets as part of a Chapter 7 bankruptcy protection filing.
The Lowell-based company has been unable to obtain additional financing and can no longer continue operations "given its current financial condition," CEO Howard Berke said in an announcement Friday. The company has cut 85 jobs, according to Mass High Tech.
Now, at least they were raising money from the private sector as opposed to companies like, say, Solyndra which received taxpayer dollars before it went under. What's especially telling is that Obama is using Konarka as a shield against Romney's criticism of Solyndra. Konarka did in fact receive money from the state of MA while Mitt Romney was governor, that is true. However, it took a loan in 2003, and went bankrupt in 2012, some nine years later - contrast this with Solyndra, which took a federal loan in 2009 only to collapse two years later.
So, by Obama's own reckoning, Romney picks companies that last more than four times longer. Something tells me that's not exactly the kind of insurance that Obama was hoping for. Compare and contrast the news coverage on Konarka vs. Solyndra, if you will. News outlets are calling Konarka "Romney's Solyndra" -without ever explicitly linking Obama to Solyndra. A company that - nine years ago - Mitt Romney granted state loans is evidence that he can't pick a winning company, yet the company that failed a mere two years after receiving massive federal loans has no ties to Barack Obama, nope...
The next five months are going to be very interesting indeed.
That is all.
1 comment:
bain capital also invested...hmmmm!
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