Here we go again. Another recipient of Obama’s “stimulus” funds for green technology has filed for Chapter 11 bankruptcy. This time, it’s a company called Ener1, which received $118 million tax dollars from the Department of Energy in 2010.
The money was supposed to be used to produce renewable energy storage battery technology for electrical grid use.
Oops. In October, 2011, the NASDAQ delisted the company for non-compliance with Securities and Exchange Commission filing requirements. In November, the company president, chief executive and financial officer were fired. Yesterday, Ener1 filed for bankruptcy.
Vice President Joe Biden participated in a photo op with Ener1 officials not long ago, slobbering over its potential. He made a promise that it will eventually cost more to run a car on petroleum than on alternative sources of energy like the Ener1 battery. Joe’s right about one thing: the price of petroleum will keep going up – due to Obama policies. But, he was surely wrong about Ener1. But, then who really cares? Certainly not Joe, who can afford expensive gasoline. It’s just taxpayer dollars down another green energy rat hole – and why should he care if gasoline skyrockets to $5 or $10 a gallon?