When Obama Is Behind An Investment You Can Take That to the Bank -Take Ener1 For Instance

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Isn’t it wonderful to have a President who thinks the government should be in charge of all our taxpayer money and business affairs, especially since he’s so amazing at picking winners. Boy, I wish I could take him to the races with me.

Ener1, a battery maker for electric cars (coal burning cars), which received a taxpayer DOE grant for $118.5 million, filed Chapter 11. They lost a customer and couldn’t handle the competition. It didn’t take much to bring them down and they certainly didn’t have much foresight. In a failed effort as excusing their failure, they took a swipe at Toyota and other foreign companies who beat them fair and square.

While our President continues his war on fossil fuels and at the same time blatantly lies about wanting to use all forms of energy, he is flagrantly wasting tax dollars on “clean” energy that is not ready for market.

During President Obama’s State of the Union address on Tuesday, he said the following in reference to Ener1: “In three years, our partnership with the private sector has already positioned America to be the world’s leading manufacturer of high-tech batteries.”

This from Bloomberg/Businessweek today:

The company [Ener1] listed assets of $73.9 million and debt of $90.5 million as of Dec. 31 in court papers filed in U.S. Bankruptcy Court in Manhattan. Ener1 has been affected by competing battery developers in China and Korea, “which generally have a lower cost manufacturing base” and lower labor and raw material costs, interim Chief Executive Officer Alex Sorokin said in the petition.

Read more: Reuters

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