Surprise! The conflagration of Obama’s failed “green energy” stimulus disasters continues…
Another of Obama’s “green energy” stimulus disasters just went belly up. Ener1, an Obama-backed electric car battery-maker, follows the lead of Obama’s other failures, Solyndra and Beacon Power, in the race to squander taxpayer money. This time we get to say ba bye to $188.5 Million.
Fox News reports,
The parent company of an electric car battery maker that received a $118 million grant from the Obama administration filed for Chapter 11 bankruptcy protection on Thursday.
New York-based Ener1 said it has been affected by competition from China and other countries.
Ener1 subsidiary EnerDel received a $118 million stimulus grant from the Energy Department in 2009, and Vice President Joe Biden visited the company’s new battery plant in Indiana last year.
Ener1 is the third company to seek bankruptcy protection after receiving assistance from the Energy Department under the economic stimulus law. California solar panel maker Solyndra Inc. and Beacon Power, a Massachusetts energy-storage firm, declared bankruptcy last year. Solyndra received a $528 million federal loan, while Beacon Power got a $43 million loan guarantee.
Solyndra, of Fremont, Calif., was the first renewable-energy company to receive a loan guarantee under the 2009 stimulus law, and the Obama administration frequently touted it as a model for its clean energy program.
Since then, the company’s implosion and revelations that the administration hurried a review of the loan in time for a 2009 groundbreaking has become an embarrassment for President Barack Obama and a rallying cry for GOP critics of the administration’s green energy program.
The chairman of a House subcommittee that is investigating Solyndra said the latest bankruptcy showed that the administration’s clean energy program has failed.
“Unfortunately, you can now add Ener1 to the growing list of failed companies that went belly up after hundreds of millions of dollars in administration backing,” said Rep. Cliff Stearns, R-Fla.
“One bankruptcy may be a fluke, two could be coincidence, but three is a trend,” Stearns said. “Our investigation continues, and we are working to ensure taxpayers are never again stuck paying hundreds of millions of dollars because of the administration’s risky bets.”
Obama needs to stop “taking trips to Vegas on the taxpayers’ dime“.
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