OBAMA-BACKED CAR BATTERY COMPANY FILES FOR BANKRUPTCY PROTECTION
Ener1, an electric automobile battery company that the Obama administration awarded a $118 million impulse accede to to enhance the operations, filed for Chapter eleven bankruptcy insurance Thursday after being incompetent to pay off dire debts.
The headlines comes a single year after Vice President Biden visited the company’s brand brand brand new battery plant in Indiana to prominence the swell with federal funds.
Ener1 is the third company to find bankruptcy insurance between those the Energy Department corroborated as part of the president’s signature program to deposit in purify energy. Solyndra, a California solar-panel maker, and Beacon Power, a Massachusetts energy-storage firm, entered failure justice record in the fall, after carrying received taxpayer-guaranteed loans of $535 million and $43 million, respectively.
One of Ener1’s pass struggles has been the faith on a single financially uneasy customer, Think. The Norwegian carmaker filed for failure insurance in Jun 2010.
In his State of the Union address Tuesday, President Obama foreshadowed the bad headlines by observant that he remained unapproachable of his administration’s $80 billion joining to clean-energy projects and companies, despite continual failures.
“Some technologies don’t vessel out; a little companies fail,” Obama said. “But I will not travel away from the guarantee of purify energy.”
House Energy and Commerce subcommittee Chairman Cliff Stearns (R-Fla.), who has led the congressional review in to Solyndra’s loan, called Ener1 part of the “growing list of unsuccessful companies that went swell up” with taxpayer money.
“Sadly, the Department of Energy’s jobs record seems to grow worse by the day .?.?. and it is American taxpayers who are profitable the price,” he said.
Ener1’s focus for impulse income had bipartisan support between Indiana lawmakers. The company received $10.5 million in grants and contracts underneath the George W. Bush administration.
An Energy Department mouthpiece pronounced that the $55 million supposing to the company so distant continues to await a “cutting-edge battery-manufacturing plant” and that the association does “not design to revoke practice at the site.”
“While it’s hapless that Ener1, the primogenitor company, has entered a restructuring process, the brand brand brand new distillate of $80 million in in isolation collateral demonstrates that the technology has merit,” pronounced mouthpiece Jen Stutsman.
The White House once foresee that the Ener1 accede to would assistance the association hire 1,400 workers by 2013. The association not long ago reported a workforce of 350.
Biden visited Ener1 the day after Obama’s 2011 State of the Union guarantee that his administration department department would assistance put 1 million electric vehicles on the nation’s roads by 2015.
The Ener1 grant, between $2.4 billion in sovereign awards to coax the electric automobile industry, was voiced by Obama in Aug 2009 in Elkhart, Ind. In a Sep 2010 report, the White House featured auxiliary EnerDel as a single of the “100 Recovery Act Projects that are Changing America.”
News researcher Lucy Shackelford contributed to this report.
car – Yahoo! News Search Results
Ener1, an electric automobile battery company that the Obama administration awarded a $118 million impulse accede to to enhance the operations, filed for Chapter eleven bankruptcy insurance Thursday after being incompetent to pay off dire debts.
The headlines comes a single year after Vice President Biden visited the company’s brand brand brand new battery plant in Indiana to prominence the swell with federal funds.
Ener1 is the third company to find bankruptcy insurance between those the Energy Department corroborated as part of the president’s signature program to deposit in purify energy. Solyndra, a California solar-panel maker, and Beacon Power, a Massachusetts energy-storage firm, entered failure justice record in the fall, after carrying received taxpayer-guaranteed loans of $535 million and $43 million, respectively.
One of Ener1’s pass struggles has been the faith on a single financially uneasy customer, Think. The Norwegian carmaker filed for failure insurance in Jun 2010.
In his State of the Union address Tuesday, President Obama foreshadowed the bad headlines by observant that he remained unapproachable of his administration’s $80 billion joining to clean-energy projects and companies, despite continual failures.
“Some technologies don’t vessel out; a little companies fail,” Obama said. “But I will not travel away from the guarantee of purify energy.”
House Energy and Commerce subcommittee Chairman Cliff Stearns (R-Fla.), who has led the congressional review in to Solyndra’s loan, called Ener1 part of the “growing list of unsuccessful companies that went swell up” with taxpayer money.
“Sadly, the Department of Energy’s jobs record seems to grow worse by the day .?.?. and it is American taxpayers who are profitable the price,” he said.
Ener1’s focus for impulse income had bipartisan support between Indiana lawmakers. The company received $10.5 million in grants and contracts underneath the George W. Bush administration.
An Energy Department mouthpiece pronounced that the $55 million supposing to the company so distant continues to await a “cutting-edge battery-manufacturing plant” and that the association does “not design to revoke practice at the site.”
“While it’s hapless that Ener1, the primogenitor company, has entered a restructuring process, the brand brand brand new distillate of $80 million in in isolation collateral demonstrates that the technology has merit,” pronounced mouthpiece Jen Stutsman.
The White House once foresee that the Ener1 accede to would assistance the association hire 1,400 workers by 2013. The association not long ago reported a workforce of 350.
Biden visited Ener1 the day after Obama’s 2011 State of the Union guarantee that his administration department department would assistance put 1 million electric vehicles on the nation’s roads by 2015.
The Ener1 grant, between $2.4 billion in sovereign awards to coax the electric automobile industry, was voiced by Obama in Aug 2009 in Elkhart, Ind. In a Sep 2010 report, the White House featured auxiliary EnerDel as a single of the “100 Recovery Act Projects that are Changing America.”
News researcher Lucy Shackelford contributed to this report.
car – Yahoo! News Search Results