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Company Lands $25M from DoE The Heritage Foundation The Department of Energy recently awarded $25 million to a French company that posted net losses of about $70 million last year, and whose solar division is particularly troubled financially. As part of its Scaling Up Nascent PV At Home (SUNPATH) project, DoE’s Energy Efficiency and Renewable Energy (EERE) division announced three awards in June to promote high-volume solar energy production. The largest of the three awards, totaling $25 million, went to Soitec Solar, a French company, to build a solar production facility in San Diego, CA. While Soitec is not in dire financial straits like some other DoE-backed companies, it posted hefty losses during its last financial year, which ended March 31. A number of its major financial indicators were worse than the prior financial year. According to a company report, Soitec posted a gross profit of $63.1 million, down from $82.9 million the year before; operating losses of $57.3 million, down from an operating profit of $2.3 million the year before; and a net loss of $70.5 million, up from $22.4 the year before (all dollar amounts are converted from euros). The company’s solar division was also deeply in the red. It posted operating losses of $56.2 million in the financial year that ended in March, up from an operating loss of $31.2 million the year before. Its gross profits were -244% of its sales for that year, meaning it lost about $2.44 for every dollar in sales it took in. The report predicts that solar sales will increase in the second half of Soitec’s 2012-2013 financial year. READ FULL SOURCE ARTICLE Editor's Note: The Obama Administration: Enriching every private sector but the US private sector...Time to cut all US government spending to private entities...especially foreign private entities... The BasicsProject.org informational and educational pamphlet series is now available for Kindle and iPad. Click here to find out more... The New Media Journal and BasicsProject.org are not funded by outside sources. We exist exclusively on tax deductible donations from our readers and contributors. Please make a tax deductible donation today. The BasicsProject.org informational and educational pamphlet series is now available for Kindle and iPad. Click here to find out more... The New Media Journal and BasicsProject.org are not funded by outside sources. We exist exclusively on tax deductible donations from our readers and contributors. Please make a tax deductible donation today.
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