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.
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.