12.02.2011 0

Taxpayers May Be on hook for $150 million loss on another ‘green’ company

Obama and Green JobsU.S. taxpayers may be on the hook for another $150 million in losses as another “green” job company funded by Obama’s Department of Energy bites the dust. The Energy Department conditionally approved the loan, but it is unknown at this time if the $150 million ever was given to the now defunct electric car company. One thing that is certain is that the Energy Department’s venture socialism program clearly did not put company balance sheets at the top of the priority list when deciding where to send taxpayer dollars, instead relying on social engineering goals to guide their spending.

From AutoNews.com:

Fledgling electrical vehicle-maker Aptera Motors has closed and will liquidate, CEO Paul Wilbur said today.

Wilbur, a former Chrysler brand manager and CEO of niche design house ASC Inc., said the company had gained conditional approval for a $150 million loan from the U.S. Department of Energy. But Aptera was unable to raise additional capital required to start production of its first product, a mid-sized sedan.

Aptera’s inability to raise money signals a cooling of investor attitudes toward EV startups, Wilbur said. Venture capital firms earlier indicated a willingness to invest if Aptera received the federal advanced vehicle technology loan. But in the interim, the difficulties of launching EVs became apparent, he said.

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