Obama-backed electric car battery firm files for bankruptcy protection

  •   The Alex Jones Channel Alex Jones Show podcast Prison Planet TV Infowars.com Twitter Alex Jones' Facebook Infowars store

Carol D. Leonnig
Washington Post
January 27, 2012

Ener1, an electric car battery company that the Obama administration awarded a $118 million stimulus grant to expand its operations, filed for Chapter 11 bankruptcy protection Thursday after being unable to repay pressing debts.

The news comes one year after Vice President Biden visited the company’s new battery plant in Indiana to highlight its progress with federal funds.

Ener1 is the third company to seek bankruptcy protection among those the Energy Department backed as part of the president’s signature program to invest in clean energy. Solyndra, a California solar-panel maker, and Beacon Power, a Massachusetts energy-storage firm, entered bankruptcy court proceedings in the fall, after having received taxpayer-guaranteed loans of $535 million and $43 million, respectively.

One of Ener1’s key struggles has been its reliance on one financially troubled customer, Think. The Norwegian carmaker filed for bankruptcy protection in June 2010.

Read more

This article was posted: Friday, January 27, 2012 at 8:54 am







Infowars.com Videos:

Comment on this article

Comments are closed.


Watch the News

FEATURED VIDEOS
BLM & Harry Reid's War on Ranchers See the rest on the Alex Jones YouTube channel.

Green Police: The New Tyranny See the rest on the Alex Jones YouTube channel.

© 2013 Infowars.com is a Free Speech Systems, LLC company. All rights reserved. Digital Millennium Copyright Act Notice.