Ener1, a lithium battery company and recipient of a $118.5 million grant from the Department of Energy, recently declared bankruptcy.

The bankruptcy is another embarrassment to Obama’s green agenda especially since the President touted battery technology in his State of the Union address.

Obama said,

“In three years, our partnership with the private sector has already positioned America to be the world’s leading manufacturer of high-tech batteries.”

Obama’s green agenda is a marketplace failure and Congress needs to stop his funding madness on risky investments.