Economics, Energy and the Environment

Obama’s green kiss of death

The drumbeat of government-funded green-tech bankruptcies continues:

Ener1, an electric car battery company that the Obama administration awarded a $118 million stimulus grant to expand its operations, filed for Chapter 11 bankruptcy protection Thursday after being unable to repay pressing debts. The news comes one year after Vice President Biden visited the company’s new battery plant in Indiana to highlight its progress with federal funds. Ener1 is the third company to seek bankruptcy protection among those the Energy Department backed as part of the president’s signature program to invest in clean energy. Solyndra, a California solar-panel maker, and Beacon Power, a Massachusetts energy-storage firm, entered bankruptcy court proceedings in the fall, after having received taxpayer-guaranteed loans of $535 million and $43 million, respectively.

Apparently, one is best off avoiding presidential attention, or, as another blogger puts it, avoiding Obama’s [green] kiss of death.

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