Tuesdayâ??s headlines gave Mitt Romney a golden opportunity to attack President Obama and his â??greenâ? energy agenda during the second presidential debate. A123 Systems, the electric-car-battery maker that got a $249 million grant from the Department of Energy in 2009, filed for bankruptcy in a Delaware court.
The collapse of A123â??as well as the January bankruptcy of another electric-car-battery maker, Ener1, the recipient of a $118 million DOE grantâ??provides yet another example of the Obama administrationâ??s costly and unsuccessful backing of the electric-car business.
The administration has handed out $2.4 billion in grants to the EV sector, as well as nearly $2.6 billion in loans. None of those bets has paid off.
Read Full Article »