Another #Green Fail. More of our money down Obama’s Sustainable toilet.
The parent company of a taxpayer-backer battery technology company has filed bankruptcy in a Norwegian court.
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.
The Business Journal has been unable to reach ReVolt company officials.
Before it abruptly closed its doors, ReVolt received several taxpayer subsidies:
- $5 million from a federal grant program.
- $3.4 million from the state of Oregon’s Small Scale Energy Loan Program.
- $1.15 million from a Portland Development Commission loan program
- $500,000 from the governor’s Strategic Reserve Fund.
A copy of the company’s bankruptcy filing was not immediately available.
So they received over $10 million and still went bust.