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Thread: Another government backed "green" company files for bankruptcy

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    Another government backed "green" company files for bankruptcy

    Did people really think that people were going to be lining up to buy electric vehicles that cost twice as much as comparable gas powered vehicles? C'mon, really?

    http://abcnews.go.com/Blotter/ener1-...ry?id=15456414
    The parent company of an electric car battery maker that received more than $100 million in government funding from the Obama administration has filed for bankruptcy protection, the company announced Thursday.

    Alex Sorokin, the CEO for lithium-ion battery manufacturer Ener1, said the company suffered when demand for the batteries dropped as fewer Americans than expected opted for electric cars.

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    Quote Originally Posted by huskrthill View Post
    Did people really think that people were going to be lining up to buy electric vehicles that cost twice as much as comparable gas powered vehicles? C'mon, really?

    http://abcnews.go.com/Blotter/ener1-...ry?id=15456414
    It is like entitlement programs. The economics don't matter. It feels good so do it regardless of the cost and the ultimate outcome.

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    I believe these were grants, not loans.. bye bye $100 Million!

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    They were grants, and the company isn't completely going under.

    My bigger issue in these cases isn't that the government decides to invest in developing future infrastructure technology. It's that I have a sneaking suspicion they are awarded for political reasons, to people who make quite a lot of money in salary those three years, and that they retain all the patented technology that the US gov helped them develop.

    I could be completely wrong, though, and would love to see someone with more knowledge way in.
    "We need education in the obvious more than investigation of the obscure."

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    It appears that the base salary for the CEO who was replaced in late 2011 was somewhere north of $500k and south of $1m a year... good money, but not outlandish.
    "We need education in the obvious more than investigation of the obscure."

    "If you find yourself on the side of the majority, it's time to pause and reflect."

    “A stupid man's report of what a clever man says can never be accurate, because he unconsciously translates what he hears into something he can understand.”

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    Quote Originally Posted by huskrthill View Post
    Did people really think that people were going to be lining up to buy electric vehicles that cost twice as much as comparable gas powered vehicles? C'mon, really?
    Do you know anyone who knits? My wife knits and spends countless hours and 5X more money making a sweater rather than buying a comparable one that can be purchased cheaply in a day. Madness.
    Sometimes I think the surest sign that intelligent life exists elsewhere in the universe is that none of it has tried to contact us.Bill Watterson, cartoonist, "Calvin and Hobbes"

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    This is why you don't do this. I don't think batteries are the anwser anyway. If the Gov is going to invest in this you put it in research then build it and if it works then sale it to a company.


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    Quote Originally Posted by huskrthill View Post
    Did people really think that people were going to be lining up to buy electric vehicles that cost twice as much as comparable gas powered vehicles? C'mon, really?

    http://abcnews.go.com/Blotter/ener1-...ry?id=15456414
    Demand for the volt is losing it's spark...
    http://www.autoweek.com/article/2012...NEWS/120129955

    Due to the price and not the fires, that cost up is just not economical, you think people would have learned from the ev1
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    Quote Originally Posted by ColoREDo View Post
    Do you know anyone who knits? My wife knits and spends countless hours and 5X more money making a sweater rather than buying a comparable one that can be purchased cheaply in a day. Madness.
    Does she ask her neighbor to pay for it?

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    Quote Originally Posted by cm husker View Post
    They were grants, and the company isn't completely going under.

    My bigger issue in these cases isn't that the government decides to invest in developing future infrastructure technology. It's that I have a sneaking suspicion they are awarded for political reasons, to people who make quite a lot of money in salary those three years, and that they retain all the patented technology that the US gov helped them develop.

    I could be completely wrong, though, and would love to see someone with more knowledge way in.
    Hell yes it's political, and it's not just Obama. Our government rushes to make these foolish loans and grants in an effort to appear as though they are "doing something" about energy. I'm not sure they stop to actually think things out. These types of situations are making me think that Romney may be just what we need, because at least his investments pay off.

    Before people freak out, I understand that not every technology pans out, and not every investment reaps rewards. If the government must make these kinds of investments, I'd prefer more prudence in determining the recipients.

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    Quote Originally Posted by huskrthill View Post
    Hell yes it's political, and it's not just Obama. Our government rushes to make these foolish loans and grants in an effort to appear as though they are "doing something" about energy. I'm not sure they stop to actually think things out. These types of situations are making me think that Romney may be just what we need, because at least his investments pay off.

    Before people freak out, I understand that not every technology pans out, and not every investment reaps rewards. If the government must make these kinds of investments, I'd prefer more prudence in determining the recipients.

    It isn't the governments role to pick winners and loosers. As Romney said in a recent interview. When the Government gave $500 million to Solindra, investors stopped or slowed down theor investments in other solar energy companies because the government already picked the winner. The market will dictate who should get the finds for development.

    I've stated before that when the government invests in something for defense like GPS or the highway system the public benefits. But to pick a company and an industry to invest in for no reason other than for a political agenda is not the role of government.

  12. #12
    Quote Originally Posted by tango View Post
    It isn't the governments role to pick winners and loosers. As Romney said in a recent interview. When the Government gave $500 million to Solindra, investors stopped or slowed down theor investments in other solar energy companies because the government already picked the winner. The market will dictate who should get the finds for development. I've stated before that when the government invests in something for defense like GPS or the highway system the public benefits. But to pick a company and an industry to invest in for no reason other than for a political agenda is not the role of government.
    I don't have a problem with the govt doing this at all if the company is doing solid R&D that could benefit everyone down the road. I do wonder who would own any patents developed with that money. Either way it does not seem like too much money considering what our nation spends every day. I think without true market demand the govt should step up and try to spark some innovation if it benefits a greater package.

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    Quote Originally Posted by South End Zone View Post
    I don't have a problem with the govt doing this at all if the company is doing solid R&D that could benefit everyone down the road. I do wonder who would own any patents developed with that money. Either way it does not seem like too much money considering what our nation spends every day. I think without true market demand the govt should step up and try to spark some innovation if it benefits a greater package.
    A hundred million here, a half a billion there... who's counting, right?

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    Quote Originally Posted by huskrthill View Post
    Does she ask her neighbor to pay for it?
    Leave Israel alone.
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    Quote Originally Posted by ColoREDo View Post
    Leave Israel alone.
    That has nothing to do with it, but nice attempt at changing the subject.

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    Quote Originally Posted by huskrthill View Post
    That has nothing to do with it, but nice attempt at changing the subject.
    Sorry, I thought the jist of it was our government throwing money away.
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    Quote Originally Posted by ColoREDo View Post
    Sorry, I thought the jist of it was our government throwing money away.
    Your confusion is noted

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    Quote Originally Posted by huskrthill View Post
    Your confusion is noted
    I keep forgetting that government waste is subjective.
    Sometimes I think the surest sign that intelligent life exists elsewhere in the universe is that none of it has tried to contact us.Bill Watterson, cartoonist, "Calvin and Hobbes"

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    Quote Originally Posted by ColoREDo View Post
    I keep forgetting that government waste is subjective.
    And how to stay on specific topics. Because it is perfectly natural to segue from government investments in failed "green" tech companies to Israel.

    Why Israel, if you don't mind me asking?

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    Quote Originally Posted by huskrthill View Post
    And how to stay on specific topics. Because it is perfectly natural to segue from government investments in failed "green" tech companies to Israel.

    Why Israel, if you don't mind me asking?
    Do you always stay on specific topics? Does anyone?
    Sometimes I think the surest sign that intelligent life exists elsewhere in the universe is that none of it has tried to contact us.Bill Watterson, cartoonist, "Calvin and Hobbes"




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