Tag Archives: ReVolt

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. Continue reading

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