Another One Of Obama’s Green Energy Stimulus Projects Goes Belly Up
These are becoming almost too numerous to count:
A123 Systems Inc. (AONE), the electric car battery maker that received a $249 million federal grant, filed for bankruptcy protection after failing to make a debt payment that was due yesterday.
The filing may fuel further political debate over government financing of alternative-energy and transportation businesses. Federal grants and loans to companies including A123, Fisker Automotive Inc. and Tesla Motors Inc. have drawn scrutiny from congressional Republicans following the September 2011 bankruptcy filing of solar-panel maker Solyndra LLC two years after it received a $535 million loan guarantee from the U.S. Energy Department.
You really have to marvel at just how badly these companies have to perform in order to file for bankruptcy just a couple of years after receiving hundreds of millions of dollars from taxpayers.Tags: Barack Obama, green jobs, Stimulus