MIT's Technology Review has a report on distress at electric car company Fisker and battery maker A123 systems:
Fisker Automotive received a [federal Department of Energy] loan guarantee for $528.7 million, of which it has received $193 million so far. A123 Systems, a young company that was started with the help of government funds, was recently awarded a $249 million federal grant to build battery factories.
On October 27, 2009, Vice President Biden announced that Fisker would re-open a former GM plant in Delaware to build electric cars:
"While some wanted to write off America's auto industry, we said no. We knew that we needed to do something different – in Delaware and all across the nation," said Vice President Biden. "We understood a new chapter had to be written, a new chapter in which we strengthen American manufacturing by investing in innovation. Thanks to a real commitment by this Administration, loans from the Department of Energy, the creativity of U.S. companies and the tenacity of great state partners like Delaware – we're on our way to helping America's auto industry reclaim its top position in the global market."
This is proof positive that our efforts to create new jobs, invest in a clean energy economy and reduce carbon pollution are working," said Energy Secretary Steven Chu. "We are putting Americans back to work and reigniting a new Industrial Revolution that is paramount for the economic success of this country."
Last week Fisker announced it laid off 26 employees from the Delaware plant. Lobbying for Fisker, which is reportedly part-owned by Al Gore and whose main product so far has been a car that sells for $100,000 and is made in Finland, was the topic of a post here back in 2009.
