The parent company of an electric car battery maker backed by the Obama administration is going bankrupt.
New York-based Ener1 said competition from China and other countries forced them to file for Chapter 11 Thursday.
In 2009, Ener1's subsidiary, EnerDel, received a $118 million stimulus grant from the Department of Energy.
Ener1 is the third such company to file for Chapter 11 after receiving grants from the Energy Department under the economic stimulus law. So far, it has received $55 million.
Two other companies, Solyndra and Beacon Power, also declared bankruptcy after receiving aid from the Energy Department.
Phil Kerpen with Americans for Prosperity spoke with CBN News more about the Department of Energy's loan program. Click play for his comments.
"Unfortunately, you can now add Ener1 to the growing list of failed companies that went belly up after hundreds of millions of dollars in administration backing," said Rep. Cliff Stearns, R-Fla., chairman of a House subcommittee investigating Solyndra.
"One bankruptcy may be a fluke, two could be coincidence, but three is a trend," he noted.
"Our investigation continues, and we are working to ensure taxpayers are never again stuck paying hundreds of millions of dollars because of the administration's risky bets," Stearns declared.