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Posts Tagged ‘Chapter 11 Title 11 United States Code’

Satcon Technology Corp.(SATC), a DOE-backed solar company filed for Chapter 11 bankruptcy protection in Delaware. Satcon received a $3 million DOE grant in January to develop a compact, lightweight power conversion device that is capable of taking utility-scale solar power and outputting it directly into the electric utility grid at distribution voltage levels.  It would have eliminated the need for large transformers.

Satcon is the second DOE-backed green energy company to declare bankruptcy this week. Electric vehicle battery manufacturer A123 Systems filed for Chapter 11 despite receiving a $249 million DOE grant.

President Obama’s Taxpayer-Backed Green Energy Failures Click Here

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A123 Systems Inc files for bankruptcy, gives Romney new example of  green grant loser due to lack of demand for its electric vehicle batteries..  It was a maker of rechargeable lithium-ion batteries.

A123 Systems received a $249 million grant from the federal government to expand its battery production, about half of which has been spent.

The Solyndra Memorial Tax Break Click Here

Michigan Taxpayers Writing Check to Second Electric Car Battery Maker for $100 Million Click Here

 

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