Romney Campaign Press Release - The Big Fizzle: Like Solyndra, Even More Obama Investments Sputter To A Stop

"President Obama has turned his back on the free market, putting his faith instead in cronyism and the investment prowess of political appointees and bureaucrats. The results of this strategy are clear – even more Americans are struggling for work and even more taxpayer dollars have been wasted. When Mitt Romney is president, government will stop meddling in the marketplace and start putting real and lasting job creation first." –Andrea Saul, Romney Campaign Spokesperson

More Of President Obama's Energy Investments "Fizzle" Out – Jeopardizing Even More Taxpayer Funds:

The Wall Street Journal Headline: "Car Battery Start-Ups Fizzle" (Mike Ramsey, "Car Battery Start-Ups Fizzle," The Wall Street Journal, 5/30/12)

President Obama Awarded Over $1 Billion To Electric Cars With The Goal Of Putting 1 Million Cars On The Road – Sales Have Barely Cleared 5% Of That Goal. "Since 2009, the Obama administration has awarded more than $1 billion to American companies to make advanced batteries for electric vehicles. Halfway to a six-year goal of producing one million electric and plug-in hybrid vehicles, auto makers are barely at 50,000 cars." (Mike Ramsey, "Car Battery Start-Ups Fizzle," The Wall Street Journal, 5/30/12)

Analysts Say "The Risk Is Rising That Taxpayers In Many Cases Will Not See A Return On Their Money Soon, If Ever." "The Obama administration has poured roughly $5 billion in taxpayer funds into the electric-car industry, offering incentives to manufacturers, their suppliers and even car buyers who might want to go green. But analysts say the risk is rising that taxpayers in many cases will not see a return on their money soon, if ever." (Carol D. Leonnig and Joe Stephens, "For Obama's Green-Car Revolution, Fits And Starts," The Washington Post, 12/7/11)

• "Instead, They Warn That Some Federally Subsidized Companies Could Be Forced To Shut Down In Coming Months." (Carol D. Leonnig and Joe Stephens, "For Obama's Green-Car Revolution, Fits And Starts," The Washington Post, 12/7/11)

Fisker Automotive – Which Received Nearly $200 Million In Obama Administration Loans – Signaled "It Could Ditch Plans" To Build Its Vehicles In The United States. "The luxury carmaker Fisker Automotive continues to signal it could ditch plans to build its next generation hybrid electric vehicle in the United States, despite the nearly $200 million in Obama administration loan money it has already received." (Matthew Mosk, "Fisker May Never Build Electric Cars In US," ABC News,

A123 – Which Received $249 Million From The Obama Administration – Is Experiencing "Substantial Doubt" About Its Viability. "Lithium-ion battery maker A123 Systems Inc (AONE.O) said on Wednesday there was 'substantial doubt' about its viability because the company expects to burn through cash and report steep losses over the next several quarters. The disclosure illustrates the sharp reversal of A123's fortunes since 2009, when the Obama administration granted it $249 million as part of a program to spur battery development." (Deepa Seetharaman, "A123 Sees 'Going Concern' Risk Due To Steep Losses," Reuters, 5/30/12)

• A123 Has Been Forced To Recall Defective Batteries After One "Failed During A Test By Consumer Reports Magazine." "The losses stem from A123's recall of defective batteries built at its Livonia, Michigan, plant. The flaw came to light earlier this year when a Fisker Karma plug-in hybrid with an A123 battery failed during a test by Consumer Reports magazine." (Deepa Seetharaman, "A123 Sees 'Going Concern' Risk Due To Steep Losses," Reuters, 5/30/12)

A123 Has Been "Hurt By Its Over Reliance" On Fisker Automotive. "But Americans have been slow to adopt EVs and A123 was also hurt by its over reliance on Fisker. A123 spends $1.57 for every $1 in revenue it receives from Fisker, according to Dougherty & Co analyst Andrea James." (Deepa Seetharaman, "A123 Sees 'Going Concern' Risk Due To Steep Losses," Reuters, 5/30/12)

Industry Analysts Blame "The Administration's Insistence On Quickly Setting Up And Staffing These Operations For The Current Troubles." "Carter Driscoll, an analyst who specializes in researching alternative energy companies for CapStone Investments, blames the administration's insistence on quickly setting up and staffing these operations for the current troubles. 'It was about making jobs in certain areas. It wasn't market driven. There is going to be a [jobs] fallback,' said Mr. Driscoll." (Mike Ramsey, "Car Battery Start-Ups Fizzle," The Wall Street Journal, 5/30/12)

And Another Obama-Backed Energy Company – First Solar – Announced Even More Layoffs And Losses:

After Benefitting From More Than $3 Billion In Taxpayer-Backed Loans, First Solar Has Announced Layoffs And Its Stock Has Crashed To Near Record Lows. "The Obama administration provided First Solar with more than $3 billion in loan guarantees for power plants in Arizona and California. According to a Bloomberg Businessweek report last week, the company 'fell to a record low in Nasdaq Stock Market trading May 4 after reporting $401 million in restructuring costs tied to firing 30 percent of its workforce.'" (Marc A. Thiessen, "Forget Bain — Obama's Public-Equity Record Is The Real Scandal," The Washington Post, 5/24/12)

First Solar "Furloughed Half Of The 240-Person Workforce" At Its Plant Near Los Angeles. "First Solar, an Arizona-based solar panel manufacturer that received more than $3 billion in federal loan guarantees under President Obama, has furloughed half of the 240-person workforce at its Antelope Valley Solar Ranch One (AVSR1) power plant near Los Angeles." (Andrew Stiles, "First Solar Furlough," The Washington Free Beacon, 5/30/12)

First Solar Recently Posted A 12% Decline In Revenue And Missed Analyst Expectations By 27%. "Ahearn's remarks ran contrary to First Solar's earnings report earlier this month, when the company posted a 12 percent decline in revenue during the first three months of 2012 and missed analyst expectations by $182 million, or 27 percent." (Andrew Stiles, "First Solar Furlough," The Washington Free Beacon, 5/30/12)

But It's Not Just President Obama's Energy Investments That Are Failing – Cost Estimates For High-Speed Rail "Were Way Off" And Now The "Rail Line May Never Be Completed":

The Obama Administration Pledged $3.5 Billion In Federal Stimulus Dollars To California's High-Speed Rail Project – But They'll Need Tens Of Billions More From Federal Taxpayers To Finish It. GRIFFIN: "California's high-speed rail has one huge backer: President Barack Obama, and that is where you come in. The administration has pledged $3.5 billion in stimulus money, also known as federal tax dollars, and that's just so far. Now California admits it will need even more. Tens of billions of dollars more from federal taxpayers to finish it." (CNN's "Anderson Cooper 360," 5/29/12)

CNN's Anderson Cooper, On Rail Project: "It Could End Up Being A High-Speed Rail Line To Nowhere Despite Billions Of Federal Stimulus Dollars..." COOPER: "'Keeping Them Honest,' Drew Griffin is on the money trail again tonight, and he's found California's dream of a high-speed rail line is in real trouble. So much trouble that it could end up being a high-speed rail line to nowhere despite billions of federal stimulus dollars already pledged." (CNN's "Anderson Cooper 360," 5/29/12)

"Not A Single Track Has Been Laid" And The Rail Project Will "Actually Cost Closer To Three Times The Estimated Amount." GRIFFIN: "It sure looks like the future. An animated version of California's high-speed rail. And it sounded really cool too. L.A. to San Francisco at more than 200 miles an hour. No planes, no cars, no fuss. That's why Californians voted for it back in 2008, passing a $10 billion bond measure for a train that was projected to eventually cost $34 billion. 'Keeping Them Honest,' it's now four years later. Not a single track has been laid, and a bombshell report was dropped on California's taxpayers last fall. Their $34 billion train would actually cost closer to three times the estimated amount." (CNN's "Anderson Cooper 360," 5/29/12)