A battery manufacturing company has declared bankruptcy, taking $249 million on Obamagrants with it.
It was clean energy: clean gone.
It was green energy: $129 million worth.
The company created 408 new jobs. Those jobs are now gone, as is the company. The company? A123.
I get it. “Pouring money down a rat hole is as easy as 1, 2, 3.”
Two Republican Senators say this: “A123 has been struggling for some time. Was the company struggling when the Energy Department decided to award it a federal grant? Did the Energy Department perform enough due diligence before making this award?”
This is not a bipartisan statement. Bipartisanship means “sit there and shut up.”
The company’s bankruptcy has spawned renewed scrutiny on the Energy Department after it backed several other businesses now involved in high-profile bankruptcies, including Solyndra LLC, the California-based solar panel manufacturer that went broke after burning through a half-billion dollars in federal money.
The Department of Energy allocated $249 million. Fortunately, the company only spent $129 million before it went bust.
Two years ago, the company issued this statement by the firm’s president:
“Over the next several years, we expect to create thousands of jobs in Greater Detroit and plan to continue our expansion in the area as we do our part in helping the U.S. emerge as a global leader in the production of advanced lithium ion batteries.”
Read more about this boondoggle by clicking the link.