ECOtality Scandal: Just About Done!
It is all over but the shouting.
KPHO-TV in Phoenix, Arizona reported yesterday that ECOtality may file for bankruptcy within the next 10 days.
ECOtality, Inc. is President Obama’s former darling of the electric car charging industry. He highlighted it as a green energy success story in the 2010 State of the Union Address.
How quickly the green energy mighty fall. It is now only days from taxpayer-funded oblivion.
Obama Administration green energy policy is to put 1 million hybrid electric vehicles on America’s roads by 2015. Doesn’t look like that goal can be met. This alone cost $135 mill!
ECOtality, headquartered in Phoenix until 2010, is now based in the San Francisco bay area.
KPHO does a good job summarizing the ECOtality situation, particularly how it impacts Arizona’s 600 public charging stations. Things exploded with an SEC filing on 8/12/2013.
That’s not all the bad news for ECOtality to come out yesterday.
More Trouble Brewing
We heard that last Friday’s pay was the last paycheck
– Anonymous ECOtality Employee
The Washington Free Beacon, “Layoffs Hit Taxpayer-backed ECOtality“, 9/16/2013
Lachlan Markay of The Washington Free Beacon reported yesterday that ECOtality laid off 40 of its remaining 91 employees.
Its industrial division got shut down. It has stopped filling orders for new chargers.
The last nail is pounded into ECOtality’s coffin.
Markay has been all over the sordid ECOtality story like a cheap suit since the very beginning.
He knows everything but what happened to a mysteriously unaccounted $35 million supposedly used for “advanced vehicle testing“. Nobody knows what happened to that taxpayer money.
KPHO-TV only talked about the other $100 million ECOtality lost taxpayers.
ECOtality, in totality, was given $135 million in grants (free money) from 2009’s “stimulus” by the DOE to create a national electric changing station infrastructure and for “testing”.
That money is all gone. The existing 12,000 public and customer charging station network has already had its charging times doubled in the last couple weeks because of a manufacturing defect that melts a car’s charger plug!! The network is all but turned off.
Americans duped into buying plug-in electric cars by Obama Administration subsidies will have 12,000 fewer places to recharge their cars. 8,000 of those places are in their own garages!!!
News Flash: 9/17/2013
It is likely that the Company’s common stock will have very little or no value given the amount of the Company’s liabilities compared to its assets
– ECOtality SEC Form 8-K Bankruptcy Filing, 9/17/2013
I’d hardly posted the above article before ECOtality formally filed for bankruptcy this morning.