Obama $8 Billion Solar ‘Betamax’ Undercut as China Backs Rival Technology

September 21, 2011 04:55

$3.7 billion in US loan guarantees to just two solar companies outshines Solyndra deal. Seems Obama bet your billions on the wrong solar technology. But hey, his contributors get rich.



The U.S. government’s $8 billion bet on solar energy that would pave the deserts with mirrors risks following the Betamax into the technological wilderness because of Chinese backing for a cheaper system.

Germany’s Solar Millennium AG (S2M) walked away from a $2.1 billion U.S. loan guarantee last month and ditched thermal devices for a cheaper photovoltaic system.

Backed by investors including Morgan Stanley and Google Inc. and a $1.6 billion U.S. loan guarantee, BrightSource is trying to prove a technology it calls the power tower. That uses mirrors arranged in concentric circles to focus the sun on a central column.


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