The parent company of an electric car battery maker that received a $118 million grant from the Obama administration filed for Chapter 11 bankruptcy protection on Thursday.The funding from the government for these companies is based on good intentions only, not a sound business plan. Nobody bothers to notice that we can't build this stuff cheaper than China before they hand them your tax dollars. The next president needs to stop ALL of these wasteful green energy programs.
New York-based Ener1 said it has been affected by competition from China and other countries.
Ener1 subsidiary EnerDel received a $118 million stimulus grant from the Energy Department in 2009, and Vice President Joe Biden visited the company's new battery plant in Indiana last year.
Ener1 is the third company to seek bankruptcy protection after receiving assistance from the Energy Department under the economic stimulus law. California solar panel maker Solyndra Inc. and Beacon Power, a Massachusetts energy-storage firm, declared bankruptcy last year. Solyndra received a $528 million federal loan, while Beacon Power got a $43 million loan guarantee.
Friday, January 27, 2012
I wonder if we could get a better return by just burning the money directly rather than funneling it through these shell companies?