It’s been more than 18 months since Fisker Automotive last built a car, and the vultures have been circling for over a year now, waiting for the inevitable to happen. Last week Fisker finally filed for bankruptcy, and was sold for a paltry $25 million to a mysterious investment group that hasn’t revealed what its […]
Browsing the "green loans" Tag
Call 2013 the Year of Reckoning for alternative fuel vehicles. There has been a seemingly endless parade of green car companies shutting down, and it isn’t over yet. The latest victim is natural gas taxi builder VPG, which has suspended operations and will soon be sold to the highest bidder. But VPG has the best chance of rising from the ashes as a bigger, better automaker.
The Department of Energy’s loan program for the advancement of vehicle technology underwent some significant changes following Fisker Automotive’s financial problems. The Feds decided to tighten restrictions and hopefully mitigate wasteful spending, though that has done nothing to cull critics of the green energy loan program.
With Fisker Automotive on the brink of bankruptcy, there are those of us left wondering how this small niche automaker managed to spend $1.3 billion of public and private investments in just a few short years. A new report lays out in detail how Fisker Automotive blew through a billion dollars, while developing and delivering just over 2,000 vehicles, becoming possibly the biggest venture capital blunder in history.
Know how on Friday Fisker fired 75% of its workforce without any prior warning and no severance package? Turns out you can’t do that in the state of California. Fisker Automotive now faces a Federal lawsuit seeking 60 days wages for all the affected employees.
Call it the worst case scenario come true. After going through a court-managed bankruptcy and auction, defunct EV battery maker A123 Systems has been (mostly) sold to Chinese auto parts maker Wanxiang group The selling price of $256.6 million was the highest bid, though the sale still has to be approved by the government.
The Department of Energy green loans program has come under a lot of fire, ever since solar panel-maker Solyndra filed for bankruptcy last year. Deficit hawks have targeted numerous green energy companies like Ener1 and Th!nk who were recipients of these low-interest government loans. The latest company to come under scrutiny is Fisker, whose $100,000 […]