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Andy Harris (MD-1): Another Obama-backed energy company files for BANKRUPTCY

by on January 27, 2012

Subject: Ener1 Now Added to Growing List of Failed Energy Companies Backed by the Administration

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Contact:

Ryan Nawrocki

(202) 441-7940

For Immediate Release:

January 27, 2012

Ener1 Now Added to Growing List of Failed Energy Companies Backed by the Administration

Yesterday, it was announced that Ener1 an Obama Administration backed electric car battery manufacturer filed for bankruptcy after receiving $118 million in Stimulus money from the Department of Energy (DOE). Ener1 marks the third company to declare bankruptcy after receiving large Stimulus grants from the Obama Administration. Last year Solyndra declared bankruptcy after receiving $528 million in Stimulus money as did Beacon Power after it received $43 million from DOE.

“In May I held a subcommittee hearing questioning the lack of transparency regarding how Stimulus funds are distributed,” said Rep. Andy Harris. “Now we have yet another company that received hard-working taxpayers’ dollars that declared bankruptcy after wasting $118 million. Ener1 is just the latest in a growing and disturbing trend of Obama Administration decisions that have wasted hundreds of millions of hard-working taxpayers’ dollars to benefit politically connected Obama donors. Picking winners and losers based on crony capitalism is wrong and must come to an end.”

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