Another Green Energy Firm Awarded Stimulus Funds in Trouble

Tuesday, 01 Nov 2011 11:40 AM

By Jim Meyers

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Another green energy company awarded millions in federal stimulus dollars is in financial trouble and is being monitored by the Energy Department.
 
New York-based Ener1, a manufacturer of advanced batteries for use in electric vehicles, received a $118.5 million grant to expand its operations.

Vice President Joe Biden visited the company in January to promote the administration’s goal of putting a million advanced vehicles on the road by 2015, Politico reported.
 
NASDAQ pulled the company from trading on Friday for failing to file its most recent quarterly report on time, and Energy Department spokesman Damien LaVera said on Monday that the
 
DOE “is closely monitoring the status of the company.”
 
Solar energy firm Solyndra received $528 million in federal loan guarantees before declaring bankruptcy in September.

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