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HelicopterOff Topics News & Politics › Obama-backed electric car battery-maker files for bankruptcy
01-26-2012 09:44 PM  6 years agoPost 1
Dennis (RIP)

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Oregon

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Obama-backed electric car battery-maker files for bankruptcy

By Andrew Restuccia - 01/26/12

An Indiana-based energy-storage company, whose subsidiary received a $118.5 million stimulus grant from the Energy Department, filed for bankruptcy Thursday.

Ener1 is asking a federal bankruptcy court in New York to approve a plan to restructure the company’s debt and infuse $81 million in equity funding.

“This was a difficult, but necessary, decision for our company,” Ener1 CEO Alex Sorokin said in a news release. “We are extremely pleased to have the strong support of our primary investors and lenders to substantially reduce the company’s debt.”
http://thehill.com/blogs/e2-wire/e2-wire/206777-doe-backed-battery-company-files-for-bankruptcy

The company said it hopes the plan will “support continued operation of Ener1’s subsidiaries and help ensure that the restructuring will not adversely impact their employees, customers and suppliers.”

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.

“While it’s unfortunate that Ener1, the parent company, has entered a restructuring process, the new infusion of $80 million in private capital demonstrates that the technology has merit,” Energy Department spokeswoman Jen Stutsman said in a statement.

“The restructuring is not expected to impact EnerDel’s operations and the company has made clear that they do not expect to reduce employment at the site.”

EnerDel has received support from Republicans, including more than $4 million in federal grants under the George W. Bush administration.

The Obama administration's grant was part of a broader program aimed at promoting the development of electric-vehicle battery technology.

President Obama touted the program in his State of the Union address this year.

“In three years, our partnership with the private sector has already positioned America to be the world’s leading manufacturer of high-tech batteries,” he said.

At the time, EnerDel said the grant would help the company double its production capacity and create 1,700 jobs. But the company has faced major financial problems in recent months.

Ener1’s decision to file for bankruptcy will likely draw the attention of House Republicans, who are investigating the bankruptcy of Solyndra, the solar panel maker that received a $535 million Energy Department loan guarantee in 2009.

The GOP has pummeled the White House over Solyndra, raising broader concerns about the administration’s investments in clean-energy companies.

http://thehill.com/blogs/e2-wire/e2...-for-bankruptcy

My Comments: Another Obama green energy company goes bankrupt – 6 and counting... Obama’s energy policy is bankrupting America.

Liberty once lost, is lost forever.

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01-26-2012 10:38 PM  6 years agoPost 2
DougCart

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Port Charlotte, FL

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Obama is a complete idiot along with the white people that are pulling his puppet strings.

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01-27-2012 03:22 AM  6 years agoPost 3
nitro fun

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Oc ca

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the people pulling obamas strings are the one making money, guess who will take the fall

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01-27-2012 03:26 AM  6 years agoPost 4
DougCart

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Port Charlotte, FL

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the people pulling obamas strings are the one making money, guess who will take the fall
Yeah,you could ask JFK but he took the big fall for thinking he could cut the puppet strings.
Its not the man on TV thats running the show.That guy is there to satisfy the masses.

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01-27-2012 04:54 AM  6 years agoPost 5
Blades345

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FL

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Solyndra and all the rest are scandals so that piece of SH## Obama can line his pockets with money. I hope after his presidency is over, he somehow loses all his money and has to live on welfare. That would be some great irony.

When u don't feel like soaring through the air with a plane, beat it into submission w/ a heli!

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01-27-2012 12:40 PM  6 years agoPost 6
baby uh1

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St. James, Mo.

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Never happen. Obama knows too much now. George Soros will have to keep paying him or will have to bury him!

Anything is possible if you don't know what you are talking about!

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01-27-2012 11:21 PM  6 years agoPost 7
dilberteinstein

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texas - USA

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baby uh1
George Soros will have to keep paying him or will have to bury him!
What is the going price for a hole these days?

90% of life is "showing up"

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01-28-2012 03:12 AM  6 years agoPost 8
baby uh1

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St. James, Mo.

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You know real estate, location, location, and location! Those end zone graves in the Meadowlands are very pricey!

Anything is possible if you don't know what you are talking about!

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01-28-2012 10:29 AM  6 years agoPost 9
shawmcky

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Isle of Wight,United Kingdom

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No need to worry too much folks,win or lose,Obama will do very nicely,i know it and so do you,dont kid yourselves

Team- unbiased opinion.K.I.S.S principle upheld here

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01-28-2012 04:48 PM  6 years agoPost 10
dilberteinstein

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texas - USA

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shawmcky
No need to worry too much folks,win or lose,Obama will do very nicely,i know it and so do you,dont kid yourselves
No guarantees in this life!

If he loses, he must face the Michelle beast each day. She likes being queen and won't be happy with a big loss.

90% of life is "showing up"

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01-28-2012 05:53 PM  6 years agoPost 11
baby uh1

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St. James, Mo.

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I just can't believe that no one has come up with Obama's majic, self charging battey tech for cars yet. The oil companies must be hiding that technology from him!
Is that why he is bribing them with so much of our money?

Anything is possible if you don't know what you are talking about!

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01-28-2012 07:39 PM  6 years agoPost 12
dilberteinstein

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texas - USA

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Dennis,Dennis,Dennis
Oh ye of little faith.

Don't you know our liberal government will delcare laws to take care of all our problems???

California as always will be leading the pack. For example:
SAN FRANCISCO – Seeking to influence other states and Washington, California air regulators passed sweeping auto emission standards Friday that include a mandate to have 1.4 million electric and hybrid vehicles on state roads by 2025.

The California Air Resources Board unanimously approved the new rules that require that one in seven of the new cars sold in the state in 2025 be an electric or other zero-emission vehicle.

http://www.foxnews.com/politics/201...s#ixzz1km3wXnTE
See there, problem solved!!!

90% of life is "showing up"

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01-28-2012 07:53 PM  6 years agoPost 13
Dennis (RIP)

rrApprentice

Oregon

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SAN FRANCISCO � Seeking to influence other states and Washington, California air regulators passed sweeping auto emission standards Friday that include a mandate to have 1.4 million electric and hybrid vehicles on state roads by 2025.

The California Air Resources Board unanimously approved the new rules that require that one in seven of the new cars sold in the state in 2025 be an electric or other zero-emission vehicle.
Looking forward to that California Auto Dealer revolt as a direct result of that law.

Liberty once lost, is lost forever.

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01-28-2012 08:11 PM  6 years agoPost 14
dilberteinstein

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texas - USA

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Dennis
Looking forward to that California Auto Dealer revolt as a direct result of that law.
How would you like to be the guy that shows up to buy his brand Corvette only to find out that he is the seventh buyer in the lottery and he can only buy a VOLT?

California is going to look like Cuba with all the used cars on the road.

90% of life is "showing up"

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01-28-2012 08:33 PM  6 years agoPost 15
baby uh1

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St. James, Mo.

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There's a place close by here that's selling street legal golf carts as electric cars and with the stupid government's incentive program people are getting them almost free!
If I played golf I would have applied myself!

Anything is possible if you don't know what you are talking about!

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