Yet another Stimulus funded GREEN Co

[DinarMillionaire]

January 26, 2012

By Lonely Conservative

I just heard a clip of President Obama blathering about “investing” more money in green energy. Enough already! Yet another green company that received stimulus cash has filed for bankruptcy. This is insanity.

Heritage reported:

The company, Ener1, received a $118 million grant from DOE in 2010 as part of the president’s stimulus package. The money, which went to Ener1 subsidiary EnerDel, aimed to promote renewable energy storage battery technology for electrical grid use.

But despite generous federal support for the company, Ener1 was racked by problems last year. In October, NASDAQ delisted the company due to non-compliance with Securities and Exchange Commission filing requirements. A month later, the company’s president, chief executive, and top financial officer were fired.

On Thursday, Ener1 announced it will initiate a pre-packaged Chapter 11 bankruptcy plan as part of an agreement to restructure the company’s debt obligations.

One year ago to the day Vice President Joe Biden was touting Ener1 as a big success. This is getting really old.

My link

Why won't this administration see the obvious? Kickbacks to his campaign? Insanity?

Insanity: doing the same thing over and over again and expecting different results.

-Albert Einstein

[RodandStaff]

Well, there is a 118 Million Dollar hole in the pocket if I ever saw one!

Thanks for the post DM!

GO RV Already Baby!!!

[DiveDeepSix]

Big surprise huh? Nothing amazes me with this administration! Thanks for the post. I'm so glad our tax dollars were so well spent.