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Past Musings from The Lady
Tag Archives: ReVolt
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. Continue reading