Obama-backed electric car battery-maker files for bankruptcy

An Indiana-based energy-storage company, whose subsidiary 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. The Energy Department in 2009 approved a $118.5 million stimulus grant for EnerDel, a subsidiary of the company that develops lithium-ion batteries used in electric vehicles. The grant was part of a broader program aimed at promoting the development of electric-vehicle battery technology. EnerDel had received support from Republicans, including more than $4 million in Defense Department research grants under the George W. Bush administration. Ener1’s decision to file for bankruptcy will likely draw the attention of House Republicans, who are investigating the bankruptcy of Solyndra, the solar panel maker that received a $535 million Energy Department loan guarantee in 2009...more