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ReVolt Technology, backed by Oregon, heads for bankruptcy
Losses on ReVolt are tiny compared to those at Solyndra...a green technological winnerpicked by the B.O. regime that cost the taxpayers a half billion dollars, with the added benefit of the campaign contributors who put money into the project getting paid before the taxpayers when the wreckage went up for sale... Inc., the notorious Caliphornia solar company that tanked after receiving a $535 million federal loan guarantee. Portland and the state of Oregon had committed $6.8 million to ReVolt, which also landed a $5 million federal grant. But the timing of ReVolt's demise is awkward ahead of the Nov. 6 election for Democrats, who have plugged renewable-energy companies in the face of Republican criticism. Oregon Democrats who lavished praise on ReVolt as it acquired funds and chose a site in 2010 include U.S. Sen. Jeff Merkley, U.S. Sen. Ron Wyden, U.S. Rep. Earl Blumenauer, Rep. Tobias Read, of Beaverton, former U.S. Rep. David Wu and former Gov. Ted Kulongoski. Portland Mayor Sam Adams was also a strong supporter. The German-based company with North American headquarters in Portland couldn't make its technology work properly, according to one of its board members and investors. Erik Hagen, Viking Venture managing partner in Norway, said ReVolt managers and others worked hard to find customers and more investors. Posted by: Fred 2012-10-22 |
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