And by “success”, we of course mean “bankruptcy”.
Like most snake oil green energy companies, the business model left a lot to be desired. But the “throw a lot of taxpayer money at it and hope for the best” approach that’s all the rage in business classes taught by heroin addicts was employed and off they went.
If you’re a student of federal logic, you know that incompetence is a real résumé builder for anyone running a company seeking funds.
But despite generous federal support for the company, Ener1 was racked by problems last year. In October, NASDAQ delisted the company due to non-compliance with Securities and Exchange Commission filing requirements. A month later, the company’s president, chief executive, and top financial officer were fired.
The good news for the company, of course, is that it won’t be lonely.
Join the conversation as a VIP Member