Ener1 delisted by Nasdaq

The 2009 DOE grant recipient was delisted was delisted by Nasdaq, apparently for failing to file a quarterly report on time.

 

Ener1, one of several advanced battery makers that received grants from the Department of Energy as part of the 2009 federal stimulus package, was delisted by Nasdaq on October 28, apparently for failing to file a quarterly report on time. In other words, they got tossed out of the stock market, which usually happens when a company is circling the drain.

The firm’s EnerDel unit, which builds lithium-ion batteries for EVs at a plant in Indiana, got a promise of 118 million, of which about 55 mil has been doled out so far (the company also got 10 million in grants from the Energy and Defense departments under the Bush administration).

Analysts blamed competition from larger Japanese and South Korean firms, as well as from “stop-start” technology made by companies such as Johnson Controls, that competes with some of EnerDel’s pricier products.

If EnerDel does swirl, it will be the third disaster for the DoE loan recipients, after the infamous Solyndra and Beacon Power, a maker of flywheel energy storage technology, which filed for bankruptcy last week. With the political teapot brewing up a squall, the Obama administration has agreed to conduct a review of all the DoE loans.