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Westinghouse Solar CEO Barry Cinnamon argues there may be a witch hunt going on within the industry.
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Our bankruptcy is another black -- for the Green energy industry and that's got our next guest worry.
He is bearish CE -- Westinghouse solar and again we've had very on before his company is doing quite well thank you so.
-- deals are you concerned that with so lender and -- beacon power to of the first three projects front about his program.
People -- gonna take all the hell with Green -- is -- not work.
Well David one thing that then I'm not concerned about is in this case.
-- beacon power it was for a flywheel company which is a very experimental technology.
It's not solar the other may have been some challenges in terms of these loans to solar companies but the fact of the matter is the solar industry.
-- got a 100000 jobs out there so we're we're doing what we can do to to help get us out of these economic doldrums.
As you know but but we -- kind of talk about the earlier comments you know it's Halloween but maybe there is witch hunt that's going on here there may have been some things that we're done wrong.
With the program and -- -- by god we should get to the bottom level and but in the meantime we should look at that overall agenda finding new sources of domestic energy.
And creating you're -- let me just clear up that phrase because which is don't really exist so which -- is going after things that are in people's imagination it's no imagination.
That beacon power was losing money that's a fact it's no imagination.
That's cylinder and beacon went bankrupt that's a fact so these -- let's separate the which runs from the facts here.
Well it would I was referring to was was on what may be going on in the background.
If there's any wrongdoing let's get to the bottom of it.
Let's not let -- and let's do that but let's not they let that get in the way.
Of what we've got to do to create US jobs now what is happening with a solar industry -- because there are some solar firms where there's a real shake out going on I mean.
SunPower is is is losing a lot of its market -- -- there is a shake up going on in solar power correct.
There's a huge shakeup in the shake up is because this industry is moving from.
One in which solar panels were expensive premium high margin products.
To one in which they've turned into commodities almost over a six month period.
And the companies that are in the business are really reacting to that saying hey we've got to really change our business model.
So that we can thrive when the margins are eight or 9% not 30%.
And you know unfortunately you see companies like Solyndra they go by the wayside when they have products that are too expensive but.
It's it's the transformation and many industries go through weather's a deal ran industries the cell phone -- history -- -- computer industry and endure handling it quite well Westinghouse's handling it well why didn't the coveted -- your company.
Instead of one that what out the window.
To actually that what about the way.
The reason is that I I took one look at the requirements for that that we loan program and I said that's not something we wanna participate in -- clients what is and what specifically.
Apology about those loans.
There there was.
It was a very complicated application procedure that would cost millions of dollars in quite frankly for the business model that we have a Westinghouse solar.
We didn't need to borrow you know that kind of money from the government we've got modest.
Expectations modest growth plans.
And we've designed our business that works when solar panels are commodity 'cause we have special panels.
They're working out very well and the take -- to the industry's great.
But -- -- -- -- -- sabers again why it might -- point here is that the government made some terrible decisions will be what everything you say -- I trust your opinion -- these things because you know it very well you've been here before your standup guy.
But the government seems to make the wrong decisions very often not all the time but very often.
That's why I don't think the government should be our bank in these these affairs.
The government had is I'd say no better than venture capitalists you kind of look back over the past ten years we spend two billion dollars on -- fuels -- that didn't work out we spent ten million dollars on Yucca Mountain.
And we're still -- -- three quarters of a billion dollars maintaining and we've got one point seven billion dollars in the hydrogen cars so those things didn't work out but you know what.
We've got new technology for drilling for natural gas we've got new solar technology we've got wind technology we've got the Smart -- so there's a lot that's working out.
But and you know I -- I tend to agree with you when you look at the track predicting record of the government if it's no better than private industry -- -- -- up to private industry Barry's sentiments CEO of Westinghouse solar very great to see again thanks for coming in appreciate.
Appreciated have a good day -- Dana thank you so.
