The Obama administration backed another winner:
Missouri-based Smith Electric Vehicles said this week that it is suspending operations in the United States due to a “tight cash-flow situation.”
Its financial troubles came despite nearly $30 million in funds from the Department of Energy (DOE) granted to the company through President Barack Obama’s 2009 stimulus package.
“You’re setting a model for what we need to be across this country,” Obama said when he visited Smith’s Kansas City production facilities in 2010.
“You’re doing more than just building new vehicles,” Obama said. “You are helping to fight our way through a vicious recession and you are building the economy of America’s future.”
The White House claimed that the project would create “more than 220 direct and indirect jobs,” but Smith only reported the creation of the hourly equivalent of 70.35 jobs—meaning DOE spent an average of about $414,000 per job created.
The company's shutting down in the USA, but it still has plants in Europe and Asia, so there's that.
Having backed a number of failed "green" companies with a combination of tax money and borrowed cash, the announcement of the latest failure comes mere days after the Obama Department of Energy doubled down on the subsidy program. This despite the fact that the Government Accountability Office recommended in its recent report that the program be dumped.
Fisker, Solyndra, SoloPower, ReVolt, A123 Systems...the list of "green" companies that went bankrupt after receiving millions in Democrat subsidies just keeps growing.