While Wall Street execs and banking barons are busy lining their pockets with bailout cash, stories of green companies failing due to the recession are already coming in.
Hope that half-baked government relief plans will be of any use is slim.
Case in point: Railpower Techonologies, of Brossard, Quebec, has established itself as a viable producer of economical clean-running locomotives since 2001. However, uncertainty over the status of generous U.S. subsidies has brought the firm's new orders to a near standstill. The whole economic mess coming in the middle of a 55,000 sq. ft. contruction project in St. Jean sur Richelieu.
According to a January 28 press release, Railpower has just laid off 50 people, over a third of its workforce, and is looking at all sorts of funding and financing options, including outright sale of the business.