Posted on 11/16/2012 11:28:06 PM PST by 2ndDivisionVet
The parent company of a taxpayer-backer battery technology company has filed bankruptcy in a Norwegian court.
Portland-based ReVolt Technology, whose parent company is in Norway, said last month it would file bankruptcy because it had been unable to raise new capital or find a buyer.
The company had been developing a zinc-air battery technology that it said could deliver twice the energy of conventional rechargeable battery technologies, such as lithium-ion.
The Business Journal has been unable to reach ReVolt company officials.
Before it abruptly closed its doors, ReVolt received several taxpayer subsidies:
•$5 million from a federal grant program.
•$3.4 million from the state of Oregon's Small Scale Energy Loan Program.
•$1.15 million from a Portland Development Commission loan program.
•$500,000 from the governor’s Strategic Reserve Fund.
A copy of the company’s bankruptcy filing was not immediately available.
The Business Journal confirmed the filing with sources at the Portland Development Commission and the state of Oregon, which are creditors in the bankruptcy...
(Excerpt) Read more at sustainablebusinessoregon.com ...
Overseas Shipholding Group Files for Bankruptcy
http://www.businessweek.com/news/2012-11-14/overseas-shipholding-group-files-for-bankruptcy
What a revolting development.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.