Another green-tech stimulus recipient files for bankruptcy

posted at 3:40 pm on January 26, 2012 by Ed Morrissey

In last year’s State of the Union speech, Barack Obama hailed the great investment he made with taxpayer dollars in the manufacturer of advanced solar panels, only to have Solyndra go down the tubes — taking more than a half-billion dollars in taxpayer money with it.  In this year’s SOTU speech, Obama bragged about having sunk money into “partnership” with the private sector to become a world leader in car-battery sector.  Right on time, that “partner” filed for bankruptcy, too:

An Indiana-based energy storage company that received a $118.5 million stimulus-law 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. …

The Energy Department, in 2009, approved a $118.5 million stimulus-law grant for EnerDel, a subsidiary of the company that develops lithium-ion batteries used in electric vehicles. The grant was part of a broader program aimed at promoting the development of electric-vehicle battery technology.

President Obama touted the program in his State of the Union address this year.

“In three years, our partnership with the private sector has already positioned America to be the world’s leading manufacturer of high-tech batteries,” he said.

We saw this coming last October, when CBS first reported on Ener1′s shaky financial position.  At that time, the company had spent $53 million of the grant and had pledged to create 1700 jobs from it in total.  When the story got reported, Ener1 traded at 11 cents a share, down from its December 2008 peak of $9.40 and the $3 per share price when the Department of Energy decided to invest in a company that had lost two-thirds of its value.  The share price was five cents by the beginning of this month, and is now at two cents a share.

Don’t forget, too, that the $53 million spent by October created jobs … 33 of them.

Perhaps green-tech stimulus recipients should call on Obama to refrain from giving them SOTU shout-outs.

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Comment pages: 1 2

Here’s a little research I’d like to see:

How many companies has Obama visited since 2008.
How many are now bankrupt or received a bailout.

Is his visiting you really a kiss of death, or does it just appear that way?

lorien1973 on January 26, 2012 at 3:41 PM

aanother one bites the dust

gerrym51 on January 26, 2012 at 3:42 PM

Hard hat dude on the right looks like he just threw up in his mouth a little.

Christien on January 26, 2012 at 3:42 PM

Is his visiting you really a kiss of death, or does it just appear that way?

lorien1973 on January 26, 2012 at 3:41 PM

Everything’s about sex with you. :)

Seriously, there is no way any of these weren’t bankrupt when the business plan was drawn up. They could have saved the taxpayers a bunch if they would have just looked at the plan, paid the authors about ten cents on the dollar, and sent the plan straight to bankruptcy court.

platypus on January 26, 2012 at 3:44 PM

Obama: Failure is the only option

faraway on January 26, 2012 at 3:45 PM

Getting his “Fair Share” of bankruptcies?

gullxn on January 26, 2012 at 3:45 PM

The Wiley Coyote administration.

fogw on January 26, 2012 at 3:45 PM

How many are now bankrupt or received a bailout.

lorien1973 on January 26, 2012 at 3:41 PM

Bankrupt OR received a bailout?
I’d like to see how many got bailouts AND are now bankrupt.
Does Obummer’s visit kill them or does the bailout kill them?
OR is Obummer just throwing money at companies that were bound to go bankrupt no matter what happened?

dentarthurdent on January 26, 2012 at 3:46 PM

Imagine if Obama were your financial investor telling you what company stocks to buy?

albill on January 26, 2012 at 3:47 PM

is Obummer just throwing money at companies that were bound to go bankrupt no matter what happened?

dentarthurdent on January 26, 2012 at 3:46 PM

See my comment at 3:44

platypus on January 26, 2012 at 3:47 PM

And the hits just keep on coming…

climbnjump on January 26, 2012 at 3:47 PM

When Obama told us that our “investments” in green energy were going to create thousands of new jobs, he failed to mention that those new jobs would be for bankruptcy lawyers.

AZCoyote on January 26, 2012 at 3:47 PM

Obama is the ultimate jinx. What ever he touches turns to sh…

albill on January 26, 2012 at 3:48 PM

Quick, someone tell him that Hamas, Al Queda, Al Shaabab, and The Muslim Brotherhood are green industries!

Lily on January 26, 2012 at 3:48 PM

My math is a little shaky: is 33 jobs a LOT MORE than 20,000?

Kraken on January 26, 2012 at 3:48 PM

The candidates need to attack Obummer tonight on this pattern of green failures and corruption.

Roymunson on January 26, 2012 at 3:49 PM

See my comment at 3:44

platypus on January 26, 2012 at 3:47 PM

That it’s all about sex??? ;)

dentarthurdent on January 26, 2012 at 3:50 PM

Someone from our eventual nominee camp make a bloody ad on all these bankruptcies

Please!

cmsinaz on January 26, 2012 at 3:50 PM

Ener1, Taxpayers 0

Jim Treacher on January 26, 2012 at 3:51 PM

He has given our money to so many boondoggles that every time he speaks one goes under.

ReformedDeceptiCon on January 26, 2012 at 3:51 PM

President Barack Hussein Obama is the kiss of death — incarnate.

SD Tom on January 26, 2012 at 3:51 PM

+1 kraken

Lol, excellent

cmsinaz on January 26, 2012 at 3:52 PM

There are tons of companies out there who play this silly game. They form a startup company, put together a power-point program to wow investors over a product that has never been researched, tested or built, then walk away with $100 million in investment dollars. They hang around for a year, stumbling over themselves trying to develop a product that never had a chance in hell of being viable, the board members and company hierarchy draw down huge salaries, and then, guess what ….. they go under.

And then they do it all over again. Different company, different name, same MO.

This is one of life’s lessons, you don’t learn it at Harvard.

fogw on January 26, 2012 at 3:52 PM

And they’ll gladly allow Congress to come up with REASONABLE PROFITS BOARDS…

I can’t understand this administration’s logic on energy.

Washington Fancy on January 26, 2012 at 3:53 PM

Little Bammie has the Sadim touch.

slickwillie2001 on January 26, 2012 at 3:53 PM

Doesn’t matter, he’s a shoe in to win next election cuz our side is full of fail!

/

Alinsky on January 26, 2012 at 3:53 PM

Green tech = Expensive, useless, and bad for the environment.

TerryW on January 26, 2012 at 3:54 PM

People are just not ready.
And, in most places, green energy is cost prohibitive.

BedBug on January 26, 2012 at 3:54 PM

The Wiley Coyote administration.

fogw on January 26, 2012 at 3:45 PM

Except, at least the Coyote was entertaining.

stukinIL4now on January 26, 2012 at 3:54 PM

The Wiley Coyote administration.

fogw on January 26, 2012 at 3:45 PM

Heh.

Acme Energy Corpse

MichaelGabriel on January 26, 2012 at 3:54 PM

Don’t forget, too, that the $53 million spent by October created jobs … 33 of them.

Gee, I want one of those $1.6 million government jobs. The private sector doesn’t even pay me $0.1 million. Bwahaha!

This is even worse than Solyndra, where $535 million created 1,100 jobs, at “only ” $486K per job.

When the story got reported, Ener1 traded at 11 cents a share, down from its December 2008 peak of $9.40 and the $3 per share price when the Department of Energy decided to invest in a company that had lost two-thirds of its value. The share price was five cents by the beginning of this month, and is now at two cents a share.

If the government had bought stock, they would have had 17.7 million shares, which would now be worth $353K. Don’t We the People love this -99.3% return on investment?

Steve Z on January 26, 2012 at 3:55 PM

Don’t forget, too, that the $53 million spent by October created jobs … 33 of them

Governing is above Obama’s paygrade.

TN Mom on January 26, 2012 at 3:57 PM

Doesn’t matter, he’s a shoe in to win next election cuz our side is full of fail!

/

Alinsky on January 26, 2012 at 3:53 PM

Not to mention he will have $1 BB dollars to spend on re-election (not including all the campaigning he does on the taxpayers dime during things like the SOTU), an army of union goons to “get out the vote”, and half of the American population net receivers from the Federal government. It is a lock.

ReformedDeceptiCon on January 26, 2012 at 3:57 PM

*facedesk*

Yakko77 on January 26, 2012 at 3:58 PM

“Look, not all of those bets on green energy are going to pay off. Maybe none of them will pay off but my bundlers got a ten fold return on their investment….er..campaign contributions.”

B. Heussein 0bama

jukin3 on January 26, 2012 at 3:58 PM

I can’t understand this administration’s logic on energy.

Washington Fancy on January 26, 2012 at 3:53 PM

Logic? What logic?

climbnjump on January 26, 2012 at 3:58 PM

Gee, I want one of those $1.6 million government jobs. The private sector doesn’t even pay me $0.1 million. Bwahaha!

Steve Z on January 26, 2012 at 3:55 PM

What? You think you woeld see any of that? ha ha ha ha

TerryW on January 26, 2012 at 3:59 PM

Don’t forget, too, that the $53 million spent by October created jobs … 33 of them.

That’s not fair. You’re not counting all the jobs “saved”… bankruptcy lawyers, job placement counselors, unemployment office workers…

malclave on January 26, 2012 at 3:59 PM

Given his track record, I’d liken to see Barry’s stock portfolio.

GarandFan on January 26, 2012 at 4:00 PM

The Wiley Coyote administration.

fogw on January 26, 2012 at 3:45 PM

Heh.

Acme Energy Corpse

MichaelGabriel on January 26, 2012 at 3:54 PM

Say what you meant to say, you’ve been railing on him for a year now:
Acme Energy CORPSMEN.

BedBug on January 26, 2012 at 4:00 PM

Hard hat dude on the right looks like he just threw up in his mouth a little.

Christien on January 26, 2012 at 3:42 PM

Better caption:

OMG, we’re ‘effed! Obama’s here! It must be worse than we thought!

parke on January 26, 2012 at 4:00 PM

I want to know where the heck all this money has REALLY gone. How long do we have to sit here and watch this clown show? Where’s my money?

Key West Reader on January 26, 2012 at 4:00 PM

Acme Energy Corpse

President 10-289:
“Oh, is it Corp.? I thought you pronounced it corpse.”

That’s only if you tout it, Mr. President.

MichaelGabriel on January 26, 2012 at 4:01 PM

Sorry to repeat here from the other thread, but the Hill story says

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.

… er, that wouldn’t be Bain Capital dinfusing that $81 million, would it? Or is that coming out of our arses?

dboley on January 26, 2012 at 4:02 PM

Say what you meant to say, you’ve been railing on him for a year now:
Acme Energy CORPSMEN.

BedBug on January 26, 2012 at 4:00 PM

You just proved yourself to be an idiot. But you don’t know why, do you?

fogw on January 26, 2012 at 4:03 PM

You’d think these companies would have learned their lesson by now to shut off all the lights and pretend not to be home when President Jobkiller comes a-knocking.

Left Coast Right Mind on January 26, 2012 at 4:04 PM

Jim Treacher on January 26, 2012 at 3:51 PM

OK, now you’re just slumming.

/

Christien on January 26, 2012 at 4:05 PM

Here’s a little research I’d like to see:

How many companies has Obama visited since 2008.
How many are now bankrupt or received a bailout.

Is his visiting you really a kiss of death, or does it just appear that way?

lorien1973 on January 26, 2012 at 3:41 PM

I’m thinking that’s why he chose to give a speech at Intel, yesterday.
Pretty safe bet they won’t be going belly-up.

Hill60 on January 26, 2012 at 4:05 PM

Euthanomics

faraway on January 26, 2012 at 4:06 PM

Say what you meant to say, you’ve been railing on him for a year now:
Acme Energy CORPSMEN.

BedBug on January 26, 2012 at 4:00 PM

You just proved yourself to be an idiot. But you don’t know why, do you?

fogw on January 26, 2012 at 4:03 PM

Acme Energy Corpse

President 10-289:
“Oh, is it Corp.? I thought you pronounced it corpse.”

That’s only if you tout it, Mr. President.

MichaelGabriel on January 26, 2012 at 4:01 PM

Better call him an idiot too then.

BedBug on January 26, 2012 at 4:07 PM

Better caption:

OMG, we’re ‘effed! Obama’s here! It must be worse than we thought!

parke on January 26, 2012 at 4:00 PM

Dang – beat me to it. I’ve been trying to think of the right wording on that theme. I guess I’m just slow as a bedbug today….

dentarthurdent on January 26, 2012 at 4:07 PM

Where’s your CHANGE??? lol

apocalypse on January 26, 2012 at 4:07 PM

At what point does the conversation go from JugEars: “At what point do you make TOO much?” and the LSM starts asking: “At what point do you lose TOO much”?
Nah! Will never happen…the kickbacks to the campaign coffer’s the LSM will never look for…would dry up!

KOOLAID2 on January 26, 2012 at 4:09 PM

Better call him an idiot too then.

BedBug on January 26, 2012 at 4:07 PM

Oh man, you’re dumber than a bag of rocks. And proved it once again.

fogw on January 26, 2012 at 4:09 PM

How many of these taxpayer-funded Obama enterprises are we expected to tolerate already?

Obama is bringing back a hefty number of our military back to stateside where there are no meaningful jobs. Yet he was in AZ promising the Dream Act while on another of his campaign stops.

Politico’s Jennifer Epstein, Obama’s personal stenographer, it appears, has written another puff piece on her lad. In it, she quotes Obama as claiming that none of the Republican contenders has the optimistic vision for the nation that he has. Who are she and he kidding?
http://www.politico.com/news/stories/0112/72015.html

onlineanalyst on January 26, 2012 at 4:11 PM

Better call him an idiot too then.

BedBug on January 26, 2012 at 4:07 PM

Oh man, you’re dumber than a bag of rocks. And proved it once again.

fogw on January 26, 2012 at 4:09 PM

You can keep saying it, but it won’t make it true.
Call MichaelGabriel an idiot for cracking the same joke I did. I dare you, hypocrite.

BedBug on January 26, 2012 at 4:13 PM

Don’t anybody get upset people…but this is just outright THEFT!

KOOLAID2 on January 26, 2012 at 4:13 PM

faraway on January 26, 2012 at 4:06 PM

Very nice. How about Nomnomnomics?

Christien on January 26, 2012 at 4:14 PM

Hey kinda like in the gheto,”Awright, got my food stamps, got my assistance check, rent subsidized by the guvmint, now I can sit back and do -my favorite vice- while watching TV ahhhh”

jake49 on January 26, 2012 at 4:14 PM

Help me out. BarryCo is embezzling taxpayer money by funneling it through “green” shell corpses which, in turn, kick back fat sums to BarryCo?

Christien on January 26, 2012 at 4:16 PM

How much was Obama’s commission ?

burrata on January 26, 2012 at 4:17 PM

Call MichaelGabriel an idiot

I’m too new on this site to go troll rolling. I’ll leave it to the veteran corpsemen around here.

Anyway, who am I to speak. I thought the song Hand Jive was saying “Hand Job”.

MichaelGabriel on January 26, 2012 at 4:17 PM

Dang – beat me to it. I’ve been trying to think of the right wording on that theme. I guess I’m just slow as a bedbug today….

dentarthurdent on January 26, 2012 at 4:07 PM

I saw what you did there. And yes, it was very slick and awesome and all that.

platypus on January 26, 2012 at 4:18 PM

Don’t forget, too, that the $53 million spent by October created jobs … 33 of them.

Bankruptcy lawyers?

rogaineguy on January 26, 2012 at 4:19 PM

Euthanomics

faraway on January 26, 2012 at 4:06 PM

Industrycide

burrata on January 26, 2012 at 4:20 PM

You can keep saying it, but it won’t make it true.
Call MichaelGabriel an idiot for cracking the same joke I did. I dare you, hypocrite.

BedBug on January 26, 2012 at 4:13 PM

Hey troll, you’re the one who made it true.

He didn’t crack the same joke as you. Get it? That’s why you’re so stupid.

fogw on January 26, 2012 at 4:21 PM

It seems unfortunate that President Obama does not understand that when technologies change, unless it is something so obviously fundamental and easily applicable, success is not a forgone conclusion. PV may be the wave of the future, but it is not a fundamental economic game changer and will be subject to the usual ups and downs in fortunes as the economy adjusts.

It would not be so bad if he was spending his own money. The problem is he is spending or committing taxpayer money. Even if all of the initiatives he supports were to go completely bankrupt and none succeeded in any way and lay a heavy cost on taxpayers, his personal wealth would not be really affected.

It is easy to indulge in the pursuit of one’s beliefs if one does not have to bear the cost of failure.

Russ808 on January 26, 2012 at 4:21 PM

Money quote from the Epstein piece:

“I don’t really think about that,” Obama said in response to a question about who would be more of a threat in an interview with Univision conducted Wednesday night in Chandler, Ariz., and released Thursday morning. “What I can say is this: That whoever their nominee is, they represent ideas that I think are wrong for America.

“On a whole range of issues I think that whether it’s Mr. Romney or Mr. Gingrich or Mr. Santorum or whoever else they might decide to select, they represent a fundamentally different vision of America. And it’s not the bold generous forward looking optimistic America that I think built this country,” he added.

Read more: http://www.politico.com/news/stories/0112/72015.html#ixzz1kbMB68D1

onlineanalyst on January 26, 2012 at 4:21 PM

slightly O/T.

A mattress gains weight over the years. Why?

Bedbug corpses.

Yepper, that is 100% bona fide accurate. Not sure if it explains anything around here but it does provide raw material for snarks.

platypus on January 26, 2012 at 4:22 PM

When all of these green companies go bankrupt they take up the available space in the landfills when they discard their products.

docflash on January 26, 2012 at 4:26 PM

You can keep saying it, but it won’t make it true.
Call MichaelGabriel an idiot for cracking the same joke I did. I dare you, hypocrite.

BedBug on January 26, 2012 at 4:13 PM

Hey troll, you’re the one who made it true.

He didn’t crack the same joke as you. Get it? That’s why you’re so stupid.

fogw on January 26, 2012 at 4:21 PM

I hear the local community college has a great reading comprehension class.
CORPSMEN. Yeah, that was the same joke. Obama sounded uninformed and I say that from the view of a military brat. And a democrat.
But, who cares, right?
Continue your diatribe.

BedBug on January 26, 2012 at 4:29 PM

Come on in bedbug. The water’s fine.

platypus on January 26, 2012 at 4:30 PM

There was no Congressional oversight during the first two years of this administration. The results of that just keep coming. A good Congressional investigation may not recover lost money but can make enough indigestion for an administration to create a little caution. The problem with someone coming from the Chicago political environment is that you presume there are no consequences for what you do in government. Look at Blago.

KW64 on January 26, 2012 at 4:31 PM

socialism/crony capitalism at its best. when govt gets involved, businesses fail and the taxpayer foots the bill; when will the taxpayer learn and quit electing big govt fools?

burserker on January 26, 2012 at 4:31 PM

Hey Bedbug, only one more week till that welfare check arrives!

burserker on January 26, 2012 at 4:32 PM

I’m certain ABC will have a story about all the chickens we could have bought with this money like they did Romney’s income….

Wagthatdog on January 26, 2012 at 4:33 PM

Come on in bedbug. The water’s fine.

platypus on January 26, 2012 at 4:30 PM

That is not right.

BedBug on January 26, 2012 at 4:33 PM

Hey Bedbug, only one more week till that welfare check arrives!

burserker on January 26, 2012 at 4:32 PM

I know. I’m tired of living off your sister’s WIC.

BedBug on January 26, 2012 at 4:34 PM

I hear the local community college has a great reading comprehension class.

I learned it in Rhetoric 101 at Berkeley.

“My subtlety has been lost at the bottom of a junk heap of lithium batteries, draining toxically into the soil, flowing slowly towards the stream of progressive thought.”

MichaelGabriel on January 26, 2012 at 4:36 PM

Absolutely pathetic.

visions on January 26, 2012 at 4:37 PM

I hear the local community college has a great reading comprehension class.

I learned it in Rhetoric 101 at Berkeley.

“My subtlety has been lost at the bottom of a junk heap of lithium batteries, draining toxically into the soil, flowing slowly towards the stream of progressive thought.”

MichaelGabriel on January 26, 2012 at 4:36 PM

You should be a democrat.

BedBug on January 26, 2012 at 4:37 PM

And again, this will not be news worthy on MSM. Why?

fistbump on January 26, 2012 at 4:41 PM

“In three years, our partnership with the private sector has already positioned America to be the world’s leading manufacturer of high-tech batteries,” he said.

Quite the lying sack O’ shyt.

darwin on January 26, 2012 at 4:42 PM

And again, this will not be news worthy on MSM. Why?

fistbump on January 26, 2012 at 4:41 PM

The same reason the murder of millions of people in the Soviet Union wasn’t reported by Pravda … or the NY Times.

darwin on January 26, 2012 at 4:44 PM

None of this will matter is Romney is the nominee . . . .OBAMA will win handily:

The 1% (ROMNEY) versus the Defender of the 99% (OBAMA) . . .like it or not! Romney is too Milquetoast to believably defend capitalism and reduced taxes for job creators . . .he doesn’t have enough fire in him (he’s proven that time and time again). Also, and most importantly, he’s a Democrat at heart . . .that’s why he’s so plastic and insincere and can’t relate (at all) with ‘average’ Americans.

Go Newt!

Pragmatic on January 26, 2012 at 4:44 PM

Ken Lay went to jail for convincing investors Enron was succeeding when they were actually failing.

In this case we are the “investors” and Obama is “Ken Lay”. Get where I’m going?

goflyers on January 26, 2012 at 4:47 PM

BedBug on January 26, 2012 at 4:29 PM

You like to emphasize your stupidity, don’t you.

fogw on January 26, 2012 at 4:48 PM

Still amazes me that the public hears story after story like this and gives it a pass.

if the govt. had to show up every friday to your HR deptartment and co-sign with you of the amount they take from your paycheck, there’d be a revolt the first monday.

good thing for them, they get to your money before you do.

cougar on January 26, 2012 at 4:48 PM

You should be a democrat.

I was…then I was a Republican….now I’m cynical.
(About politics, that is, I’m an optimist about life.)

MichaelGabriel on January 26, 2012 at 4:52 PM

Wait! Since it was my taxpayer money that was used for this loss, I’d like to write off the loss on my 1040 Schedule D in April.

philw1776 on January 26, 2012 at 4:58 PM

BedBug on January 26, 2012 at 4:29 PM

You like to emphasize your stupidity, don’t you.

fogw on January 26, 2012 at 4:48 PM

If you say so.

BedBug on January 26, 2012 at 5:01 PM

Look on the bright side…at least he’s not a doctor

Erich66 on January 26, 2012 at 5:02 PM

Interesting they filed just after the SOTU address. It wouldn’t be the first time the White House manipulated the timing of one of these bankruptcies, would it?

emz35 on January 26, 2012 at 5:06 PM

Does Obummer’s visit kill them or does the bailout kill them?
OR is Obummer just throwing money at companies that were bound to go bankrupt no matter what happened?

dentarthurdent on January 26, 2012 at 3:46 PM

“Unexpected” connection to big 0bama donor/bundler revealed in 5, 4, 3………….

iurockhead on January 26, 2012 at 5:06 PM

The Midas Touch, is the gift of profiting from whatever one undertakes, named for a legendary king of Phrygia.

The Obama Touch is the curse of screwing up whatever one undertakes.

landlines on January 26, 2012 at 5:08 PM

Time to double down!

BKennedy on January 26, 2012 at 5:13 PM

“Unexpected” connection to big 0bama donor/bundler revealed in 5, 4, 3………….

iurockhead on January 26, 2012 at 5:06 PM

You got it!

dentarthurdent on January 26, 2012 at 5:15 PM

Don’t anybody get upset people…but this is just outright THEFT!

KOOLAID2 on January 26, 2012 at 4:13 PM

Close as I’ve seen to the truth. These companies do not get the grant money and then, sorry, go bankrupt. Their business model is predicated on going belly up. The dem donors who own these thinly disguised shell companies make up a fictional business model, knowing full well that it is a fantasy. They lobby the Zero administration for cash. They get their cash. Before the cash can be spent by the company they squirrel it away, then the company folds.

It’s a great scheme. Make it look like an honest green company starting with a great idea, Zero covers the repay for contributions as an investment in the green energy sector, fold it when it requires the crooks to actually put money into the company.

NOMOBO on January 26, 2012 at 5:28 PM

Those who plan to fail, fail.

Norky on January 26, 2012 at 5:29 PM

Comment pages: 1 2