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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