Ener1 files for bankruptcy protection
Electric vehicle battery manufacturer Ener1 files for bankruptcy.
Thu, Jan 26 2012 at 5:42 PM
The green jobs naysayers
have fresh fodder today with the announcement that Ener1, an electric vehicle battery manufacturer, has filed for Chapter 11 bankruptcy. In 2009 Ener1 received a $118.5 million grant from the U.S. Department of Energy as part of the American Recovery and Reinvestment Act’s commitment to building a clean energy economy.
Ener1 describes the details of the filing in a press release
published earlier today. Essentially, the company is voluntarily entering into a “pre-packaged” Chapter 11 bankruptcy that is designed to give the company time to reorganize and restructure. Ener1’s announcement states that the Chapter 11 bankruptcy is not likely have a negative impact on its employees, customers and suppliers.
While it looks like the Ener1 bankruptcy is being pursued so that the company can stay afloat, the green jobs naysayers are already jumping on the filing as proof of President Obama’s “failed” Recovery Act.
“Instead of producing thousands of ‘clean energy’ jobs, the administration’s loan guarantee and grant programs are yielding another bankruptcy and the squandering of taxpayer dollars,” said Rep. Cliff Stearns (R-Fla.), chairman of the House Energy and Commerce Committee’s oversight panel. “This is another reason why the White House should not be picking winners and losers among American manufacturers.” Source: Politico
The Politico article goes on to explain that EnerDel, one of Ener1’s subsidiaries, also received funding under the George W. Bush Administration. Of course those campaigning against a clean energy economy will omit this little bit of information as they rally the troops against President Obama in what will certainly prove to be an exciting election year.
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