Tiny start up Green Vehicles of Salinas, CA has gone belly-up. The city of Salinas had infused $540,000 since 2009, but it was not enough. The company had a hard time finding outside investors, and when an expected $2.7 million from the State of California failed to materialize, President and Co-Founder Mike Ryan called it quits.
Electric Car Maker Folds, Salinas Loses $500,000 (from KSBW.com, via Drudge)
City leaders wooed Green Vehicles to jump-start the sputtering local company and turn Salinas into an "electric valley." [Mayor Dennis] Donohue and [Redevelopment Director Jeff] Weir both voiced their high hopes for Green Vehicles.
The start-up company promised city leaders that it would create 70 new jobs and pay $700,000 in taxes a year to Salinas.
Seventy more green jobs -- POOF!
Ryan had lofty goals, listing his company's mission as: "To make the best clean commuter vehicles in the world; To manufacture with a radical sense of responsibility; To engage in deep transparency as an inspiration for new ways of doing business."
Sounds like a company made for the era of Hope and Change.
Seriously, I admire Mr. Ryan for pursuing his entrepreneurial dream. Unfortunately, it involved public money. It will be interesting to see if Salinas voters will hold Donohue, Weir and their other public officials accountable for the decision to back Green Vehicles.
Mr. Obama, are you paying attention? Not all of those green projects you're funding will make it off the ground.