Bankrupt Evergreen Solar’s U.S. Govt. Benefits Mostly Unreported, Probably Impossible to Track
On August 15, the Boston Herald , the Boston Globe , and the Associated Press all reported that Massachusetts-based Evergreen Solar had filed for Chapter 11 bankruptcy. Oddly enough (no, not really), The New York Times, which published a 1,600-word report in January on the company's competitive difficulties, did not take note of Evergreen's filing. Each of the three reports cited gave readers the impression that Bay State agencies were the only ones which had provided the company any form of financial assistance during the past several years during which, according to its latest 10-K annual report ( large HTML file ), it was losing hundreds of millions of dollars annually (about $950 million in the past three calendar years): (from the Boston Herald's full report) Evergreen Solar Inc., the Massachusetts clean-energy company that received millions in state subsidies from the Patrick administration for an ill-fated Bay State factory, has filed for bankruptcy, listing $485.6 million in debt. … The Massachusetts Republican Party called the Patrick administration’s $58 million financial aid package, which supported Evergreen’s $450 million factory, a “waste” of money. … In January, after Evergreen announced it would close the Devens factory, Patrick told the Herald he was disappointed in the job losses but did not regret making the investment. (Boston Globe — Note: A terse, four-paragraph report) Evergreen Solar Inc., the once promising alternative energy company that received millions in state subsidies, revealed today that that it has voluntarily filed for Chapter 11 bankruptcy protection. (Associated Press — Note: Another terse, four-paragraph report) A solar energy company that received millions of dollars in grants and tax incentives from Massachusetts before closing one of its facilities in the state has voluntarily filed for Chapter 11 bankruptcy relief. It took David Mastio at the Washington Times to visit the White House's web site and note that Evergreen was identified in April 2009 as a beneficiary of federal ARRA (American Recovery and Reinvestment Act), or “stimulus,” funds. Here is portion of the White House's statement: To: Interested Parties Fr: White House Communications Da: April 22, 2009 Re: The Obama-Biden economic plan: creating jobs, strengthening the economy for Massachusetts families Facing the worst economic crisis since the Great Depression, President Obama started his Presidency with decisive action — proposing and quickly passing the American Recovery and Reinvestment Act (ARRA). … here’s a look at how his policies have impacted Massachusetts in the first three months of his administration. … Because of the Stimulus Bill and New Contracts, Green Energy Companies Are Looking to Hire Many New Employees. … Evergreen Solar, the Marlborough-based maker of solar panels, also is hoping to hire 90 to 100 people at a manufacturing plant in Devens, said Gary Pollard, vice president of human resources. … Evergreen Solar Was Hoping to Hire 90 to 100 People for Its Manufacturing Plant. “Evergreen Solar, the Marlborough-based maker of solar panels, also is hoping to hire 90 to 100 people at a manufacturing plant in Devens, said Gary Pollard, vice president of human resources. The plant, which opened last summer, is expected to employ more than 800 when it reaches full capacity.” [Boston Globe, 3/6/09] It's clear that at least the Globe knew that Evergreen was a beneficiary of significant federal government largesse, and chose to ignore that fact. The introduction to Its March 6, 2009 article (full article is behind the Globe's pay wall) reads as follows
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on August 21, 2011. Filed under