Sago » Sago » Enron1, ooops, Ener1 Bankrupt Despite $118 Million in Fed Stimulus
Enron1, ooops, Ener1 Bankrupt Despite $118 Million in Fed Stimulus
It is another huge green fail for the Obama administration. The eletric car battery maker Ener1 filed for Chapter 11 bankruptcy one year to the day after Vice President Biden visited the Indiana plant touting its prospects. Ener1 received $118 million in federal stimulus money from the Energy Department. With the disaster that is the Chevy volt and now Ener1, it is obvious that Obama’s goal of 1 million electric cars on the road by 2015 is nothing but an expensive fairy tale.
(CNSNews.com) – Ener1–a company that manufactures batteries for electric cars, and that received $118.5 million in federal stimulus money, and that Vice President Joe Biden visited last year the day after President Obama’s State of the Union Address—announced today that it has filed for Chapter 11 bankruptcy protection.
In last year’s State of the Union Address, delivered Jan. 25, 2011, President Obama set a national goal of having a million electric vehicles on the road in the United States by 2015—a goal that would be achieved, Obama said, by taking money out of the oil industry and “investing” it in new technology.
“With more research and incentives, we can break our dependence on oil with biofuels and become the first country to have a million electric vehicles on the road by 2015,” said Obama.
The awesome gaffe machine that is VP Biden may have jinxed the company a year ago when while touring the plant he referred to the company as Enron1. In reality, Americans don’t want these little tin can, short range electric cars and no amount of stimulus or buyer incentive can entice Americans to buy crap. The thousand jobs the administration bragged would be created at Ener1 by 2013 are not going to happen. The $118 million stimulus “loan” represented $1.5 million for each of the eighty Ener1 jobs. It’s all down the rat hole now.
This what we get when a community organizer thinks it is his job to pick winners in the economy.
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Authored By texasgalt Unified Patriots » texasgalt
Filed under: Sago · Tags: $118 million, barack obama, Chapter 11 Title 11 United States Code, Editor's Corner, Electric car, Ener1, Joe Biden, obama, Obama stimulus, United States, United States Department of Energy