Ener1 Inc., the owner of a company that received a $118 million U.S. Energy Department grant to make electric-car batteries, filed for bankruptcy protection after defaulting on bond debt amid heavy competition from Asia.
Ener1, based in New York, makes lithium-ion batteries for plug-in electric cars, which were scrutinized by federal auto- safety officials after a General Motors Co. Chevrolet Volt caught fire, people familiar with the probe said in November. A two-month federal safety investigation cleared the Volt of danger, and GM is beginning a marketing effort to tout the car as safe and innovative.
Under President Barack Obama’s economic stimulus package, the Energy Department awarded grants in an attempt to create a U.S. electric-car industry. Ener1’s EnerDel unit, based in Indianapolis, was the grant recipient and has received about $55 million of its grant so far.
All I can say is this: truly incredible.
Actually, I can say one more thing: Solyndra.
That Indianapolis plant is just a few miles from my home. The state turned an average exit on I-70 into a nice new state of the art exit --- invested millions --- now the not only is the Obama $ gone - but the state has an investment in concrete and bridges with nothing to connect to. Brilliant leadership in Washington.
ReplyDeleteAll I can say is "Sheesh", Momma would be proud I kept it at that. I too have run out of words for the current POTUS
ReplyDeleteThank you for not saying what you and I would both say ... if not in polite company.
DeleteThank you for taking time to comment. All I know is what I read in the paper, except the Bakken when I'm there -- so it's great to hear from someone who sees this first-hand.
ReplyDeleteIt seems incredulous -- all the bankruptcy stories coming out of Washington these days.