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Biden’s Green Thumb: Another Company Visited by Vice President Files for Bankrupcy

John on January 26, 2012 at 2:34 pm

This is from February 2011:

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A year and a half ago this administration made a judgment. We decided it’s not sufficient to create new jobs, we have to create whole new industries.

And that’s worked out so well hasn’t it? First Solyndra lost half a billion dollars of taxpayer money, now Ener1 has filed for bankruptcy just a year after the Vice President’s visit:

The Energy Department in 2009 approved a $118.5 million stimulus grant for EnerDel, a subsidiary of the company that develops lithium-ion batteries used in electric vehicles. The company has so far spent $55 million of the federal 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.

At a time of unprecedented debt, this administration has decided to speculate with your money.

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