Biden-Backed Solar Company Lied About Effectiveness of Solar Modules, Lawsuit Says

[livingston]

Biden-Backed Solar Company Lied About Effectiveness of Solar Modules, Lawsuit Says​

Biden gave First Solar $500 million loan last month

Investors are suing a Biden-backed solar energy company that received a $500 million federal loan last month, claiming the company lied to shareholders about the effectiveness and financial viability of its solar modules.

A Michigan municipal pension fund alleges that executives at First Solar, which is owned by Biden megadonor and Walmart heir Lukas Walton, made "false and misleading statements" to investors and failed to disclose that its solar module was "grossly underperforming and was unable to hit its wattage targets." Those claims and omissions, the fund alleges, artificially inflated the company's stock price in 2019 and led to investor losses.

The class-action suit comes after the U.S. International Development Finance Corporation (DFC) granted First Solar a $500 million federal loan in December to build a module manufacturing facility in India as part of President Joe Biden's "Build Back Better World" initiative. The funding drew concerns from ethics watchdogs that questioned whether the company's political connections—including Walton's substantial donations in 2020 to Biden and the Democratic National Committee—played any role in the decision. The DFC has denied any political considerations.

Biden-Backed Solar Company Lied About Effectiveness of Solar Modules, Lawsuit Says

Investors are suing a Biden-backed solar energy company that received a $500 million federal loan last month, claiming that the company lied to shareholders about the effectiveness and financial viability of its solar modules.

freebeacon.com

 

[Paxal]

Here’s what jumps out to me more than anything else. “…in India.”

Seriously?

I have to say it: Joe is the first President that I actually loath.

 

[@thewheels]

Blatant corruption and they don't care one bit that it's exposed.
Seems we're all out of tar and feathers these days.

 

[Blimey]

Solar seems to invite scams. Look up solarcity, for example. Never short on promises and big ideas.

 

[Jmac00]

anyone, that knows anything about solar, KNOWS any panel doesn't get over 18% efficiency. The germans claim to have a "layered" panel that gets about 25% ( AFAIK)

 

[ManualF150]

This is why I've been hesitant on solar because everything just seems so damn scammy it's not funny.

Till they can get 20 year panel that has around 80-90% PROVEN efficiency, then that will be a game changer. Till then, let the techies play with it.

 

[livingston]

This is why I've been hesitant on solar because everything just seems so damn scammy it's not funny.

Till they can get 20 year panel that has around 80-90% PROVEN efficiency, then that will be a game changer. Till then, let the techies play with it.

I talked to someone that had both wind and solar .. Claimed wind was a better return for the buck.

 

[pshift]

Wait until the tech improves....

 

[MilesTeg]

This is why I've been hesitant on solar because everything just seems so damn scammy it's not funny.

Till they can get 20 year panel that has around 80-90% PROVEN efficiency, then that will be a game changer. Till then, let the techies play with it.

I think the max theoretical efficiency of solar panels was only 33%. There was some break through a few years ago but they weren't sure if it was able to manufacture those at scale or cost. I think they were around 42 or 50%.

Most cells now day do have +20 year panels at 80% their rate capacity. I think most name brand panels are hitting their numbers.

 

[JamieZ]

Obama and Bush took it in the ass with wind and solar technologies. Tax payers lost billions!!!

Just something I remembered and googled.

 

[Acer-m14]

do they still sell solar calculators .. looking to upgrade mine to a 2022 version ..

 

[spat]

anyone, that knows anything about solar, KNOWS any panel doesn't get over 18% efficiency. The germans claim to have a "layered" panel that gets about 25% ( AFAIK)

You canna change the laws of physics.

 

[Jmac00]

You canna change the laws of physics.

if I can I'll be rich, LOL I just bought six 210 watt panels @$110 each, Four SOK, 200Ah Lithium ion batteries. I have a lot of solar parts and pieces on order and will begin the installation next week. Getting the Escape Pods first oil change on Tuesday, while its in the shop, my son is going to pick me up and we're going shooting.
Wednesday Im going skeet shooting. its going to be a busy few weeks. As soon as I get everything installed I'll give you a call and come down there for a visit

 

[Acer-m14]

if I can I'll be rich, LOL I just bought six 210 watt panels @$110 each, Four SOK, 200Ah Lithium ion batteries. I have a lot of solar parts and pieces on order and will begin the installation next week. Getting the Escape Pods first oil change on Tuesday, while its in the shop, my son is going to pick me up and we're going shooting.
Wednesday Im going skeet shooting. its going to be a busy few weeks. As soon as I get everything installed I'll give you a call and come down there for a visit

when you install the panels on the escape pod .. measure the height .. don't be in videos like this .. lol ..

 

[ManualF150]

I love that 11foot8 bridge... been a fan of it for a long time.

 

[Jmac00]

when you install the panels on the escape pod .. measure the height .. don't be in videos like this .. lol ..

LOL I am well aware of height restrictions, our GPS tells us if a road has a low over hang, the solar panels will be below the a/c's. Technically the Escape Pod is 12'6", I programed the GPS to 13'. so we should be fairly safe.