The crazed SolarCity deal included a Cuomo bet, with everyone else’s money, on Silveo solar technology and it’s breaking bad for SolarCity and taxpayers.
Editor’s Note: This story complements our June 21st piece on the “Get of Jail Free Card” Governor Corruptocrat gave SolarCity (now Tesla). The latter made subsidiary Silveo Inc. and its solar technology the foundation of its fantastical scheme and a recent sweetheart deal ensures SolarCity can freely escape taxpayer paybacks for the failure you’re about to better understand.
New York’s deal with Silevo Inc. is a sham and illustrates the problems that arise when politicians use taxpayer money to attract and reward favored industries. Silevo, which was acquired by SolarCity, is a photovoltaic cell and module technology company that developed the proprietary Triex solar modules. New York’s deal with Silevo was to establish a manufacturing facility to produce 1 gigawatt worth (10,000 solar panels a day) of its Triex module technology with the potential of adding an additional 5 gigawatts of capacity in a later phase. It’s not happening.