RightChange: Obama’s Energy Companies: Built to Fail

First Solyndra. Then Beacon Power. A slew of others. Now Ener1. Obama’s green energy bankruptcies just keep on coming.  This latest bankruptcy announcement comes on the heel of the release of Obama’s latest blueprint for America.  Ironically, it’s entitled: “An America Built to Last.”

In this blueprint, he calls for America to be the world’s leading manufacturer in high-tech batteries:

“Create clean energy jobs in the United States: The President called on Congress to build on our success in positioning America to be the world’s leading manufacturer in high-tech batteries and reiterated his call for action on clean energy tax credits and a national goal of moving toward clean sources of electricity by setting a standard for utility companies, so that by 2035, 80% of the nation’s electricity will come from clean sources, including renewable energy sources like wind, solar, biomass, hydropower, nuclear power, efficient natural gas, and clean coal. Because Congress has not yet acted on this and other key steps to achieve a clean energy economy, the President announced that the Department of the Navy will make the largest renewable energy purchase in history – one gigawatt. In addition, the President is directing the Department of Interior to permit 10 gigawatts of renewables projects by the end of the year, enough to power three million homes.”

What kind of high-tech batteries you ask?  The kind that recently bankrupted Ener1 produces.  Or should we say, produced:

“An Indiana-based energy-storage company that received a $118.5 million stimulus grant from the Energy Department filed for bankruptcy Thursday.

Ener1 is asking a federal bankruptcy court in New York to approve a plan to restructure the company’s debt and infuse $81 million in equity funding.”

In his recent STOTU, Mr. Obama said taxpayer funded energy projects like this have already been a success:

 “In three years, our partnership with the private sector has already positioned America to be the world’s leading manufacturer of high-tech batteries,” he said.”

Uh…not quite, Mr. President.  When an energy company like Ener1 goes bankrupt, it ends up costing taxpayers money and jobs.  It is a lose-lose economic situation.  These DOE loans are a risky government investment and we cannot afford to keep letting them go on.  Unfortunately for us, these aren’t the only risky programs going bankrupt.  Watch below:

Obama’s energy policies are the same as all of his others: built to fail.

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