Regional
(2012-01-26)
BOWLING GREEN, KY
(wkyu) -
Ener1, an Indianapolis-based company that received a grant worth more than 118 million dollars of federal stimulus money, wants a Federal Bankruptcy Court in New York to approve a debt-restructuring plan. The company develops batteries for use in electric vehicles, but has reportedly faced major financial problems in recent months. One of the company's subsidiaries received the 118.5 million dollar grant from the Obama Administration in 2009. The funding, which came through the Energy Department, was part of a program designed to encourage the development of battery technology for electric vehicles. According to The Hill, President Obama touted that program in his State of the Union address.
Company officials hope an infusion of equity funding will support continued business operations and will avoid an adverse impact on employees and suppliers. When the 118.5 million dollar grant was announced, company officials predicted that 1700 jobs would be created. © Copyright 2012, wkyu
