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  • Obama, Biden Both Lauded Now-Bankrupt, Stimulus-Funded Ener1

    The president’s energy agenda took a hit on Thursday, as yet another stimulus-backed energy company filed for bankruptcy. Videos have surfaced since then showing both Obama and Vice President Biden praising the company’s promise, drawing the attention of congressional investigators.

    As Scribe reported yesterday, Ener1 submitted a pre-packaged bankruptcy plan as part of a refinancing agreement after suffering numerous setbacks late last year. Ener1 subsidiary EnerDel received a $118 million grant from the Energy Department to produce its lithium ion battery technology.

    The president singled out EnerDel for praise during a speech in Elkhart County, Indiana, during which he announced $2.4 billion in stimulus spending on battery technology for hybrid and electric cars. Stimulus grants such as the one given to EnerDel, the president claimed, would “create tens of thousands of jobs all across America.”

    Biden, during a visit to Ener1′s Indianapolis factory, said “Enron1 [is] leading the way” in battery technology, apparently confusing the company’s name with the notorious energy firm that filed for bankruptcy in 2001. The stimulus, Biden said, was “not just creating new jobs, but sparking whole new industries that will ensure our competitiveness for decades to come — industries like electric vehicle manufacturing.”

    House Republicans seized on the Vice President’s verbal flub, calling it “a seemingly unintentional but ultimately prescient reference to the collapse of the energy giant Enron,” in the words of a House Energy and Commerce news release.

    That panel’s lead investigator, Rep. Cliff Stearns (R-FL), who has also led the investigation into bankrupt solar company Solyndra, lamented the addition of Ener1 “to the growing list of failed companies that went belly up after hundreds of millions of dollars in administration backing.”

    Posted in Scribe [slideshow_deploy]

    6 Responses to Obama, Biden Both Lauded Now-Bankrupt, Stimulus-Funded Ener1

    1. This is why Progressive Economics is so wrong. Government is ill equipped to make investments into the private sector.

      • Kay Honaker says:

        Maybe..but at the very least, the 'Private(unwanting to be regulated)Sector' discovers
        that 'Progressive Economics' exists and deems to be investigated for positive non-polluting use.

    2. JBinGB says:

      Amen,Bob !

    3. Jim Facciuto says:

      When in the hell are these dufuses gonna figure out this is not gonna work the way they think it is,,,,,,,,you can not create a market where one does not exist……Government is stupid…..they don't know business…here's another few BILLION of YOUR money down the drain…..given to contributors to Obama who invest in these companies that have NO chance to succeed…..OBAMA just continues to screw up…….he's on the wrong side of everything…..do Yourself a favor….read "Advise and Consent"……..why?….because this is what NOBAMA is NOT doing……The Congress is being totally obviated by him through his appointments, made up regs and laws, and his "going it alone" philosophy…….The Constitution says that the President (Administration) is to go through the process of "Advise and Consent" by Congress……..he has by passed them on so many political appointments etc ……he thinks he's Emperor….not the Prez……the guy is dangerous…..and Biden……??….well what can you say about this guy….he's a joke…….not a funny joke…..a sick joke……flapping his jaws about things he knows nothing about……

    4. TonyfromOz says:

      Just wonderin' here.

      This is amazing. Get all those fossil fuel burning trucks off the road and replace them with electric trucks. (with a huge range of 100 miles making them, er, almost transcontinental)


      I wonder when those flash batteries go flat after that monumental 100 miles, what they use to charge them up again?

      Umm, it wouldn't be electrical power provided by, er, fossil fuel burning power plants now, would it?

      So, remove fossil fuel burning from one area and replace it with fossil fuel burning from another area.

      Say, what about this then. Attach a solar panel on the roof of the truck to start it up and get it going, and then have a largish wind turbine towed behind the truck to provide the power to keep the batteries topped up.

      Oh, wait a minute, that would be perpetual motion then, wouldn't it?

      (sarc off now Tony)


    5. Jim Smith says:

      These stories of Green Energy turned sour with bankruptcy, reminds me of a story a friend told me of a venture he was involved in years ago. He was hired by a company with grant from the government, that was going into production of a solar recharging vehicle. The business had real potential, until the owner and his wife partied away the grant money, and the company died.

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