Another WH Backed Green Company Goes Bankrupt
It's becoming a pattern across the country; green energy companies, backed by huge Federal loans and cash, turn up bankrupt a year or so later.
The parent company of an electric car battery manufacturer has announced it will be seeking bankruptcy protection. Ener1, who were building lithium-ion batteries, was 'forced' into the decision. In the words of CEO Alex Sorokin:
"the company suffered when demand for the batteries dropped as fewer Americans than expected opted for electric cars.
Read that last line twice...fewer Americans than expected opted for electric cars. The filing came exactly one year after VP Joe Biden toured the Greenfield Indiana plant, and watched as officials explained the battery making process; armed with a 118 million dollar Federal stimulus grant. Critics of Obama's green energy program say instead of creating thousands of jobs, the money has gone to companies that are now turning up bankrupt, losing even more employment, and often the money has gone to questionable firms in the first place--such as Solyndra. The solar panel manufacturer's demise has triggered a Federal investigation into whether the money was given to a company that was on shaky financial ground in the first place. This now brings the number of 'green energy' companies, large and small, that have gone under (despite Federal grants and assistance) into the double digits.