“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 SOTU message but:
An Indiana-based energy-storage company, whose subsidiary received a
$118.5 million stimulus grant from the Energy Department, filed for
bankruptcy Thursday.
Ener1 is asking a federal bankruptcy court in New York to approve a
plan to restructure the company’s debt and infuse $81 million in equity
funding.
“This was a difficult, but necessary, decision for our company,” Ener1
CEO Alex Sorokin said in a news release. “We are extremely pleased to
have the strong support of our primary investors and lenders to
substantially reduce the company’s debt.”
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. (Full story here)
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