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 Responses to “Stimulus Recipient ReVolt Technology Files For Bankruptcy”

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

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

  3. Gumball_Brains says:

    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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