Another “Fail” for the Obama administration’s Green Technology stimulus scheme: Obama-backed car battery company files for bankruptcy protection.

Ener1, an electric car battery company (Indiana) that the Obama administration awarded a $118 million stimulus grant to expand its operations, filed for Chapter 11 bankruptcy protection Thursday after being unable to repay pressing debts.

Ener1 is the third company to seek bankruptcy protection among those the Energy Department backed as part of the president’s signature program to invest in clean energy. Solyndra, a California solar-panel maker, and Beacon Power, a Massachusetts energy-storage firm, entered bankruptcy court proceedings in the fall, after having received taxpayer-guaranteed loans of $535 million and $43 million, respectively.

 
In his State of the Union address last week, President Obama boasted:
“Some technologies don’t pan out; some companies fail. But I will not walk away from the promise of clean energy finding new ways to flush tax dollars down the drain.”
 

SWOOOSH!

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Related:
Solyndra Watch and the First Rule of Holes; Update: $1 billion in new DOE loans approved ~ Michelle Malkin