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ECOtality fatality: Green company files for bankruptcy after 115M stimulus funding granted
Question of the Day
Taxpayer-backed green energy company ECOtality filed for chapter 11 bankruptcy protection on Monday following weeks of turmoil in which the company laid off employees and ceased filling orders for its electric vehicle charging stations.
ECOtality announced the bankruptcy in a Monday filing with the Securities and Exchange Commission. The bankruptcy proceedings will take place in the United States Bankruptcy Court for the District of Arizona, the company said.
The company’s work in building and installing electric vehicle charging stations was integral to the Obama administration’s attempts to get a million electric vehicles on the road by 2015. That goal has been walked back as its achievability came into question.
Rep. Lamar Smith (R., Texas), chairman of the House Committee on Science, Space and Technology, said the failure of the company is another demonstration of the administration’s disastrous policies.
“Mistakes can be forgiven, but there is no excuse for repeating these failures over and over,” he added. “American taxpayers deserve better.”
Federal support for the company, Gibbons said, was “meant to establish the seeds of infrastructure needed to support a growing market for advanced vehicles, [and] the company installed more than 12,500 charging stations in 18 US cities—or approximately 95% of their goal.”
ECOtality revealed in its Monday filing that Brandon Hurlbut, a company director, resigned on Sunday. Hurlbut was the chief of staff for former Energy Secretary Steven Chu, and led the transition to its current secretary, Ernest Moniz, before departing for the private sector.
“Government is terrible at picking winners and losers for a simple reason: Politics always interferes,” said William Yeatman, an energy policy expert at the Competitive Enterprise Institute, in response to the bankruptcy news.
“That news is only the latest costly reminder that Energy Department bureaucrats shouldn’t be running a taxpayer-backed investment bank for green energy,” Yeatman said in an email.
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