Ener1, Parent of Obama-Backed Green Company, Files for Bankruptcy

The parent company of an electric car battery maker that received more than $100 million in government funding from the Obama administration has filed for bankruptcy protection, the company announced Thursday. Alex Sorokin, the CEO for lithium-ion battery manufacturer Ener1, said the company suffered when demand for the batteries dropped as fewer Americans than expected opted for electric cars. "This was a difficult, but necessary, decision for our company," Sorokin said in a statement on its...Full Story
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