Tuesday, September 28, 2021
HomeRecommendedEnron1, ooops, Ener1 Bankrupt Despite $118 Million in Fed Stimulus

Enron1, ooops, Ener1 Bankrupt Despite $118 Million in Fed Stimulus

It is another huge green fail for the Obama administration. The eletric car battery maker Ener1 filed for Chapter 11 bankruptcy one year to the day after Vice President Biden visited the Indiana plant touting its prospects. Ener1 received $118 million in federal stimulus money from the Energy Department. With the disaster that is the Chevy volt and now Ener1, it is obvious that Obama’s goal of 1 million electric cars on the road by 2015 is nothing but an expensive fairy tale.

(CNSNews.com) – Ener1–a company that manufactures batteries for electric cars, and that received $118.5 million in federal stimulus money, and that Vice President Joe Biden visited last year the day after President Obama’s State of the Union Address—announced today that it has filed for Chapter 11 bankruptcy protection.

In last year’s State of the Union Address, delivered Jan. 25, 2011, President Obama set a national goal of having a million electric vehicles on the road in the United States by 2015—a goal that would be achieved, Obama said, by taking money out of the oil industry and “investing” it in new technology.

“With more research and incentives, we can break our dependence on oil with biofuels and become the first country to have a million electric vehicles on the road by 2015,” said Obama.

The awesome gaffe machine that is VP Biden may have jinxed the company a year ago when while touring the plant he referred to the company as Enron1. In reality, Americans don’t want these little tin can, short range electric cars and no amount of stimulus or buyer incentive can entice Americans to buy crap. The thousand jobs the administration bragged would be created at Ener1 by 2013 are not going to happen. The $118 million stimulus “loan” represented $1.5 million for each of the eighty Ener1 jobs. It’s all down the rat hole now.

This what we get when a community organizer thinks it is his job to pick winners in the economy. Check out the most stress-free zero down payment offers in car loans available even with a bad credit history.

texasgalt
Texas native. Conservative small businessman with 31 years experience. Government should roll back the nanny state. No country can tax its way to prosperity. The question isn't who will let me but who will stop me?
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6 COMMENTS

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6 COMMENTS

  1. Isn’t it rather paradoxical that the government and the leftist/greenies who tell us “we can’t wait” for “the market” to decide it wants to jump on the renewables bandwagon, now tell us that their failures were because of…………wait for it……the market!

  2. I suspect that I am like many Americans. I can only afford 1 car and a short range tin can doesn’t meet my needs. Even if I DID want one and could use it for 50% of my driving, it doesn’t meet my need for the other 50%. Since I can’t afford 2 cars, the electric tin can doesn’t get a second look.

    Until they produce a car that is usable for more than 90% of my driving and actually saves money (most hybrids don’t meet their mileage ratings under “normal” driving), these cars just won’t sell more than a token number.

      • I don’t know about their base HP, but that’s the problem with the hybrids and why they don’t meet their advertised mileage ratings. If you live in a hilly area, they don’t even come CLOSE to their mileage rating. If you’re moving up hill, you tend to drain the battery quickly, then the engine has to kick in. The engine is pulling the weight of a normal car of it’s size plus the weight of the batteries. If you live on flat ground and don’t drive too far they’ll get great mileage. In normal areas or with other driving habits, not so much.

  1. Isn’t it rather paradoxical that the government and the leftist/greenies who tell us “we can’t wait” for “the market” to decide it wants to jump on the renewables bandwagon, now tell us that their failures were because of…………wait for it……the market!

  2. I suspect that I am like many Americans. I can only afford 1 car and a short range tin can doesn’t meet my needs. Even if I DID want one and could use it for 50% of my driving, it doesn’t meet my need for the other 50%. Since I can’t afford 2 cars, the electric tin can doesn’t get a second look.

    Until they produce a car that is usable for more than 90% of my driving and actually saves money (most hybrids don’t meet their mileage ratings under “normal” driving), these cars just won’t sell more than a token number.

      • I don’t know about their base HP, but that’s the problem with the hybrids and why they don’t meet their advertised mileage ratings. If you live in a hilly area, they don’t even come CLOSE to their mileage rating. If you’re moving up hill, you tend to drain the battery quickly, then the engine has to kick in. The engine is pulling the weight of a normal car of it’s size plus the weight of the batteries. If you live on flat ground and don’t drive too far they’ll get great mileage. In normal areas or with other driving habits, not so much.

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