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Sunday, December 30, 2012

Poor Al Gore.

Shock of shocks, green energy and the government subsidies that propped them up have been a terrible investment. Not just for the government but also the private  investor.

  from the Wall Street Journal......

This week brought further embarrassment for a Kleiner-backed and taxpayer-subsidized project called Fisker Automotive. In an interview with Delaware's News Journal, the head of the state's economic development office, Alan Levin, discussed the $21.5 million that was provided by the state in return for a Fisker promise to build green cars there. "All we want are the jobs or our money back," Mr. Levin told the newspaper......
........And what appeared to be a true success earlier this year is looking, well, less so. On Wednesday the Journal pronounced Enphase Energy,  a Kleiner-backed company that went public in March, the worst IPO of the year. Shareholders who bought at the opening lost about half their money in nine months. The shares of Kleiner-backed Amyris Inc., a biomass company, have lost more than 80% of their value since the firm's 2010 IPO.
VentureSource counts more than 60 companies engaged in "clean tech" that have received investments from Kleiner Perkins. Kleiner calls its environmental investments "greentech" and says that among the green firms receiving Kleiner equity investments, three have been acquired or merged into other companies. The assets of another company were sold. But since Mr. Gore joined up in 2007, Enphase and Amyris are the only two Kleiner green companies to go public, and their performance doesn't leave investors begging for more.
Their rough ride might be among the reasons that another green energy firm,SolarCitySCTY +2.48% offered shares at its recent public debut about 40% below the expected price. Yuliya Chernova of Dow Jones VentureWire reports that "solar investors lost massive amounts of money over the past two years by betting on manufacturers that overbuilt factories and saw prices for their products fall." She quotes a fund manager who notes that "there aren't a lot of people going to investment committees saying, 'This one is different.'"



1 comment:

  1. Gore's Chicago Climate Exchange ponzi going up in smoke was just the forerunner of these failures.

    It isn't easy being green...

    ReplyDelete

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