Solyndra Inc., Beacon Power, and now Ener1: Green Cronyism and Bankruptcy - Your Tax Dollar Working to Pick Losers!

“The parent company of an electric car battery maker that received a $118 million grant from the Obama administration filed for Chapter 11 bankruptcy protection on Thursday.

New York-based Ener1 said it has been affected by competition from China and other countries.

Ener1 subsidiary EnerDel received a $118 million stimulus grant from the Energy Department in 2009, and Vice President Joe Biden visited the company's new battery plant in Indiana last year.

Ener1 is the third company to seek bankruptcy protection after receiving assistance from the Energy Department under the economic stimulus law. California solar panel maker Solyndra Inc. and Beacon Power, a Massachusetts energy-storage firm, declared bankruptcy last year. Solyndra received a $528 million federal loan, while Beacon Power got a $43 million loan guarantee.” -Fox News, 01/27/2012

Below is a link to the entire article which includes video.


http://www.foxnews.com/politics/2012/01/27/parent-obama-backed-battery-maker-goes-bankrupt/