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ReVolt Technology officially files bankruptcy (A small Solyndra?)
The Portland Business Journal's Sustainable Business Oregon ^ | November 13, 2012 | Matthew Kish

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 ...

TOPICS: Business/Economy; Government; Politics
KEYWORDS: energy; obama; solarenergy
How many of these are there out there, do you think?
1 posted on 11/16/2012 11:28:17 PM PST by 2ndDivisionVet
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To: All

Overseas Shipholding Group Files for Bankruptcy

2 posted on 11/17/2012 12:10:33 AM PST by 2ndDivisionVet (You cannot invade the mainland United States. There would be a rifle behind every blade of grass.)
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To: 2ndDivisionVet

What a revolting development.

3 posted on 11/17/2012 12:31:07 AM PST by Nik Naym (It's not my fault... I have compulsive smartass disorder.)
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