ECOtality fatality: Green company files for bankruptcy after 115M stimulus funding granted

The Washington Times ^ | 9/17/2013 | Lachlan Markay

[markomalley]

Taxpayer-backed green energy company ECOtality filed for chapter 11 bankruptcy protection on Monday following weeks of turmoil in which the company laid off employees and ceased filling orders for its electric vehicle charging stations.

The Department of Energy (DOE), which awarded the company about $115 million in stimulus funds to produce those chargers, suspended payments last month.

DOE has already paid $96 million of its $115 million commitment to the company.

ECOtality announced the bankruptcy in a Monday filing with the Securities and Exchange Commission. The bankruptcy proceedings will take place in the United States Bankruptcy Court for the District of Arizona, the company said.

The company's work in building and installing electric vehicle charging stations was integral to the Obama administration's attempts to get a million electric vehicles on the road by 2015. That goal has been walked back as its achievability came into question.

[markomalley]

[RginTN]

Spreading the wealth around from the hard working taxpayer to millionaires & billionaires.

[justlurking]

I've seen their charging stations:

I never saw an electric car parked in front of one, though.

I don't know how much it costs to charge a vehicle battery, or if it is cost effective.

[traditional1]

Gee....I wonder how much of the "DOE Funding" went to the pockets of Investors, and how much the Executives of the Company were paid?????

Solyndra, re-visited????

[lurk]

Somebody walked away from this train wreck with some cash in pocket. Looks like crime does pay...for a moment.

[Attention Surplus Disorder]

There are a couple of those adjacent to the local McDonald’s where I occasionally get a burger. I guess they’re impressive looking. That I’ve seen or not seen any vehicles charging at them is only an indication that I wish to spend as little time at my local McD’s as possible, because McD’s is just a charging station for me, as well.

[hal ogen]

Just how much of this taxpayer money made it back into DIM/LIB candidate coffers? Enquiring minds want to know. With money there always is a trail. Why isn’t anyone “in authority” looking? This continues to be disgusting.

[Bob]

I remember my grandfather telling me about the massive federal program to build gas stations when cars first became popular...

Oh, wait - No, they didn't do that.... :=)

[blueunicorn6]

The purpose of the Democrat party is to elect thieves so that they have access to the public treasury in order to loot it. The Obama Administration has been a complete failure at everything but looting the public treasury.

[Attention Surplus Disorder]

There’s no question that a giant, multi-dimensional money-flush has occurred on virtually every level of government, especially this particular regime. And if that was the only aspect of it that was offensive, I would be a lot happier about things than I am now. Maybe I’m just regretting I didn’t get in on it so many years ago.

[drypowder]

Steve Miller song: Go On Take the Money and Run