Pete Souza/White House
President Barack Obama speaks to Congress during the State of the Union on Tuesday.
Just two days after President Obama referenced Ener1, an electric battery maker that received a $118 million grant from the U.S. Department of Energy, the company has filed for Chapter 11 bankruptcy protection.
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Pete Souza/White House
President Barack Obama speaks to Congress during the State of the Union on Tuesday.
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2 comments on this story
So its sounds like the company is using the bankruptcy protections to reorganize and comeback stronger, like many companies do each year. I don’t like the way that works, and call it a bailout that businesses have always had, but that is the way business works. Look at all the big resorts in town. Many have done this before they became profitable. It is just the normal people who don’t use this kind of welfare. Businesses do it all the time. Now the battery company can comptete, because it won’t have the debt issues it had.
obamanomics. We goin green. Screw that pipeline. Its stinky.