Indiana-based electric automobile battery manufacturer Ener1 filed for Chapter eleven bankruptcy on Thursday. The battery maker received over a entertain of the federal impulse income postulated to projects in the state of Indiana underneath the American Recovery and Reinvestment Act fo 2009, a state which was the second highest recipient of sovereign impulse money.

Ener1 CEO Alex Sorokin pronounced that in serve to complicated foe from Asian markets, the “volatility in the debt and equity markets” serve singular the company’s borrowing ability.

The detriment of Ener1 patron Norwegian automaker Think Global — which spoken bankruptcy in Jun 2011 — also “exacerbated” the problem, Sorokin said in a matter on Thursday.

Six companies and Purdue University received over $400 million in supports privately for the growth of electric automobile technology. Ener1 — which was postulated $118 million for the production lithium-ion cells and packs for hybrid and electric vehicles — received over a entertain of those funds.

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