Friday, January 27, 2012

I Thought We Were Winning the Electric Car Wars

Another US-government (taxpayer) backed "green company" is in deep yogurt. Ener1, Parent of U.S. Subsidized Battery Unit, Seeks Bankruptcy - Businessweek
Ener1 Inc., which owns a company that received a $118 million U.S. Energy Department grant to make electric-car batteries, filed for bankruptcy protection after defaulting on bond debt amid Asian competition.
Of course, just the other day, we were winning the "green" battle.
In three years, our partnership with the private sector has already positioned America to be the world’s leading manufacturer of high-tech batteries.
Ener1 must not be the only battery company to get money.
Ener1, based in New York, makes lithium-ion batteries for plug-in electric cars, which were scrutinized by federal auto- safety officials after a General Motors Co. Chevrolet Volt caught fire, people familiar with the probe said in November. A two-month federal safety investigation cleared the Volt of danger, and GM is beginning a marketing effort to tout the car as safe and innovative.
So I wonder what the batting average is....
Beacon, based in Tyngsboro, Massachusetts, sought Chapter 11 protection on Oct. 30 in Delaware, listing assets of $72 million and debt totaling $47 million, including $39.1 million owed on a government-guaranteed loan. Beacon built a $69 million facility with 20 megawatts of balancing capacity in Stephentown, New York, funded mostly by a U.S. Energy Department loan. The company is set to auction assets next month.

Solyndra, which received $535 million in government loan guarantees, is proceeding with court-approved auctions of its core assets after failing to draw any offers to continue operating the company.

Solyndra, based in Fremont, California, sought Chapter 11 protection Sept. 6. Two days later its offices were raided by the Federal Bureau of Investigation, and it faces a probe by Republicans in Congress over the federal loan guarantee it used to build a $733 million factory. The solar-panel maker listed about $854.1 million in assets and about $867.1 million in debt in court papers filed Oct. 31
[Hat tip to Small Dead Animals. Even though a different source was cited there.]

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