By Paul Chesser, National Legal & Policy Center
The little-reported bankruptcy of a relatively small electric vehicle battery manufacturer last month illustrates the many problems with President Obama’s green energy stimulus program, and why the more appropriate location for the ramblin’, gamblin’ White House might be Las Vegas.
This smaller (compared to other Recovery Act beneficiaries) example is ReVolt Technology, which relocated from Switzerland to Oregon to take advantage of a $5 million Recovery Act grant from the Department of Energy in order to develop and mass-produce a “zinc-air” vehicle battery.
Its technology was developed in Norway where the company was backed since 2004 by Viking Venture Management. According to the Portland Business Journal, ReVolt believed it could “deliver twice the energy of conventional rechargeable battery technologies, such as lithium-ion.”
Federal money wasn’t the only attraction. The company also received $5 million in city and state loans, as well as business energy tax credits. Thus we have another alternative energy failure – much like the many wind, solar and electric vehicle busts that have been archived by Obama administration watchdogs – that went belly-up once the government money ran out.
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