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Thursday, January 26, 2012

Another Obama Backed Company Files for Bankruptcy

By Susan Duclos

The Solyndra scandal wasn't the exception it was part of a pattern that is emerging of Obama backed companies that, combined, received billions in grants or loan guarantees, going bankrupt because they were bad investments to begin with.

Other companies in this pattern include, but are not limited to;

SunPower, BrightSource, Tonopah and Solar Energy.

Today, news is out that Ener1, an Indiana-based energy-storage company, whose subsidiary received a $118.5 million stimulus grant from the Energy Department, has filed for bankruptcy.

The Irony

The Energy Department in 2009 approved a $118.5 million stimulus grant for EnerDel, a subsidiary of the company that develops lithium-ion batteries used in electric vehicles. The company has so far spent $55 million of the federal funding.

Ironic because this comes just days after Barack Obama touted "our partnership with the private sector has already positioned America to be the world’s leading manufacturer of high-tech batteries," in his State of the Union Address.