Scribe has obtained a copy of a Securities and Exchange Commission subpoena sent to Donald Karner, former CEO of Ecotality North America (formerly called eTec), the subsidiary of a company that recieved roughly $115 million in stimulus grants to manufacture charging stations for electric vehicles. Despite its federal funding, and shout-outs from both President Obama and Energy Secretary Steven Chu, Ecotality fell on hard financial times in 2010. It is now under investigation by the SEC. The company recently failed to file its fourth quarter earnings report with the SEC, citing the “unreasonable effort or expense” that would be necessary. In all, Ecotality looks to be yet another stimulus-backed green energy company backed by strong political ties, but with limited financial viability outside of its large government-enabled revenue stream. Rep. Andy Harris (R-MD) has started asking questions of Chu regarding Ecotality’s substantial federal funding. Scribe will further explore Ecotality, its backing from the Energy Department, and the SEC investigation in a three-part series this week...
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The subpoena is here.
1 comment:
Ecotality also got matching private funds in addition to federal money, so add another 100+ million that went into their cookie jar.
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