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Title: Solargate Update: DOE monitoring another stimulus recipient
Source:
Politico
URL Source: http://www.politico.com/news/stories/1011/67287.html
Published: Nov 1, 2011
Author: DARIUS DIXON
Post Date: 2011-11-01 11:21:17 by Happy Quanzaa
Keywords: Obama-doma-ding-dong, Solargate, Stimulus scam, pilfer, plunder
Views: 840
Comments: 1
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. "The project has received broad bipartisan support and to date has progressed according to schedule and on budget," LaVera added. Biden visited the company after President Barack Obama's State of the Union address in January to promote the goal of putting 1 million advanced vehicles on the road by 2015. Not long after the stimulus bill was passed in 2009, former Sen. Evan Bayh (D-Ind.) and Sen. Dick Lugar (R-Ind.) urged Energy Secretary Steven Chu to support EnerDel's grant application. This article first appeared on POLITICO Pro at 5:47 p.m. on October 31, 2011.
Vice President Joe Biden visits Ener1 Inc.’s plant in Greenfield, Ind., in January.
| AP Photo
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