Obama Administration Gave Electric Car Battery Maker $118 Million Grant, Company Now Bankrupt
From Big Government:
The latest taxpayer-funded boondoggle to emerge from the Obama Administration’s infamous Energy Department grant and loan program has cost taxpayers $118.5 million, new bankruptcy filings by electric battery maker Ener1 reveal.
From Bloomberg News:
The company listed assets of $73.9 million and debt of $90.5 million as of Dec. 31 in Chapter 11 papers filed today in U.S. Bankruptcy Court in Manhattan. Ener1 has been affected by competing battery developers in China and South Korea, “which generally have a lower cost manufacturing base” and lower labor and raw material costs, interim Chief Executive Officer Alex Sorokin said in the petition.
Like Solyndra, Ener1 was a company touted by President Obama as being a shining example of his vision for taxpayer-subsidized clean energy.
Read the rest at Big Government.