Stimulus Recipient ReVolt Technology Files For Bankruptcy

Yet another Obama backed company down the tubes

The parent company of a taxpayer-backer battery technology company has filed bankruptcy in a Norwegian court.

Portland-based ReVolt Technology, whose parent company is in Norway, said last month it would file bankruptcy because it had been unable to raise new capital or find a buyer.

The company had been developing a zinc-air battery technology that it said could deliver twice the energy of conventional rechargeable battery technologies, such as lithium-ion.

Along with around $6.8 million in state and local “loans”, they received $5 million from the Stimulus through electric car development program. Now, some, meaning ObamaZombies, may say that $5 million is chump change, and, in terms of government spending, it is. But out here in the real world that’s real money. Oh, and it’s a Germany based company. Oh, and ReVolt was considered a very risky venture to start with. It’s been around since 2004, and never really did anything. And the supposed 150 jobs they would create never materialized.

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3 Comments

2012-11-15 11:01:12

Maybe the Left can picket new car dealers for selling too many gasoline cars and not supporting the president

 
Comment by William Teach
2012-11-15 17:10:17

Well, they should all give up their fossil fueled vehicles to help stop globull warming.

 
Comment by Gumball_Brains Subscribed to comments via email
2012-11-15 17:15:16

WHAT??!? (GASP!) A subsidized non-populist alternative non-traditional energy supplier did not create the number of full-time long-term jobs that they said they would? (GASP!) (time for cartoon character shriek)

RR, that is racist for not buying an alternative flaming-at-any-moment-especially-in-the-rain alternative energy car.

 

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