Tax Payer Backed ReVolt Files for Bankruptcy

Another #Green Fail. More of our money down Obama’s Sustainable toilet.

From Sustainable Business Oregon:

 

The parent company of a taxpayer-backer battery technology company has filed bankruptcy in a Norwegian court.

Portland-based ReVolt Technology, whose parent company is in Norway, said last month it would file bankruptcy because it had been unable to raise new capital or find a buyer.

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.

About ladyliberty1885

A.P. Dillon resides in the Triangle area of North Carolina and is the founder of LadyLiberty1885.com. Her current and past writing can also be found at IJ review, Da Tech Guy Blog, Heartland Institute and StopCommonCoreNC.org. Her current writing project is a children’s book series.
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One Response to Tax Payer Backed ReVolt Files for Bankruptcy

  1. CLM says:

    “It’s expensive to be me.” -Anna Nicole Smith

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