Another $118.5 Million "Investment"

Joe Biden at EnerDel

Politico - An advanced battery manufacturer that was awarded millions in federal stimulus dollars is now in financial hot water and is being closely monitored by the Energy Department. New York-based Ener1 received a $118.5 million grant to expand its manufacturing operations in Indianapolis, Ind., run by a subsidiary EnerDel, which received a visit from Vice President Joe Biden earlier this year. But NASDAQ pulled the firm from trading Friday for failing to file its most recent quarterly report on time. Ener1 also let go of its chairman, Charles Gassenheimer, late last month.

Now DOE says it's watching the company. "The department is closely monitoring the status of the company," DOE spokesman Damien LaVera said in an email Monday. "So far $55 million of the grant has been paid out to EnerDel," he added. "Any additional funds received from the government would need to be matched dollar for dollar with their own investment."

"This is one of 30 new advanced battery and electric vehicle component plants that the administration has invested in across the country, creating the potential for tens of thousands of direct and indirect jobs," LaVera said. "The U.S. will have increased our capacity to produce electric-drive vehicles batteries from virtually zero in 2008 up to 500,000 per year in 2015. Read full story here: News New Mexico

Another $118.5 Million "Investment"