Another DoE Green Energy Stimulus Recipient Files For Bankruptcy

Venture Socialism and Trickle Down Government-- catch the fever.

An Indiana-based energy-storage company, whose subsidiary received a $118.5 million stimulus grant from the Energy Department, filed for bankruptcy Thursday.

Ener1 is asking a federal bankruptcy court in New York to approve a plan to restructure the company’s debt and infuse $81 million in equity funding.

....

“While it’s unfortunate that Ener1, the parent company, has entered a restructuring process, the new infusion of $80 million in private capital demonstrates that the technology has merit,” Energy Department spokeswoman Jen Stutsman said in a statement.

Sure does! Why, that new infusion of $75 million (or whatever) into Solyndra, curiously timed to get the company past the 2010 elections, sure worked magic there, too!

And lookie here! We have another election coming up!

Via Iowahawk.

posted by Ace at 02:56 PM

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