Obama mentions an energy company in SOTU and it goes bankrupt immediatelySubmitted by i_am_free on Sat, 01/28/2012 - 17:35
Andrew Restuccia of The Hill is reporting that Ener1, a battery company that President Obama referenced in his State of The Union Speech on Tuesday as an example of successful energy investments, has just filed for chapter 11 bankruptcy.
That's just two days after the speech.
“In three years, our partnership with the private sector has already positioned America to be the world’s leading manufacturer of high-tech batteries,” Obama said in his speech.
According to Phil Milford and Dawn McCarty at Businessweek, Ener1 had received a $118 million U.S. Energy Department grant to make electric-car batteries. And the grant received bi-partisan support, so it is not entirely on Obama's shoulders. From Businessweek:
Under President Barack Obama’s economic stimulus package, the Energy Department awarded grants in an attempt to create a U.S. electric-car industry. Ener1 subsidiary EnerDel was the grant recipient and has received about $55 million of its grant so far. A spokesman for the Energy Department, Jen Stutsman, said the department would provide comment soon.