Likely-bankrupt Ecotality was ‘nearly bankrupt’ before it got stimulus dollars

[Geee]

Daily Caller:

Ecotality is facing possible bankruptcy, as “neither the company’s direct sales force nor the independent dealers have generated sales volumes of its commercial [Electric VehicleService Equipment] products sufficient … to support the company’s operations in the second half of 2013,” according to its Securities and Exchange Commission filings.

 

And Ecotality was also near bankruptcy in 2009 — before it was approved for a $100 million stimulus grant from the Obama administration to install electric car chargers across the country.

 

“Ecotality was nearly bankrupt before the stimulus grant money was awarded by [the Department of Energy],” said Maryland Republican Rep. Andy Harris in a committee hearing last year, adding that the company was saved when it entered into a joint venture with Chinese investors to set up a subsidiary in China.