MLG administration woos another money losing solar company
Gov. Lujan Grisham is bound and determined to pour New Mexico tax dollars into SOME kind of solar company. Unfortunately for her, despite massive federal and state subsidies via the industrial policies of the Biden/Harris Administration and mandates in many states, the solar industry is struggling.
But MLG is bound and determined to “make fetch happen” just as she is with her failing EV mandate. Maxeon Solar was supposed to receive over $2.4 billion in subsidies from New Mexico governments. But, even with such massively generous subsidies the Maxeon factory has been delayed and (we believe) is unlikely to happen anytime soon (if ever). As of this writing (August 9, 2024) Maxeon stock has plummeted to 16 cents per share. A year ago (August 10, 2023) when the deal was announced the company’s share price was $22. But, even that is down dramatically from highs of more than $50/share. Since MLG announced the Albuquerque factory one year ago Maxeon’s stock price has dropped by a mind blowing 99%. The company’s “earnings” per share is a money-losing $-8.03.
Now, the Gov. has inked a deal with another solar company called Ebon. According to news reports New Mexico taxpayers will shell out at least $11 million although the MLG Administration has so far not stated the full scope of the subsidy package being offered. Ebon, like Maxeon, is also struggling. Their share prices has plummeted from $388 a share back in 2021 down to a current price of just under $6.00 a share (a per share drop of 98.5%). Their “earnings” per share is a money-losing $-5.86.
Check out the stock charts for the past year for Maxeon and Ebon below (you can click on them to go to their respective pages):