DOE Fund Recipient Ener1 Delisted From Nasdaq

Posted by NAW Staff on November 02, 2011 No Comments
Categories : New & Noteworthy

Yet another cleantech company faces financial trouble, as Ener1, a New York-based provider of lithium-ion energy-storage solutions, has been delisted from the Nasdaq Stock Market, Bloomberg reports.

In August, Ener1 reported that it had received a letter from Nasdaq stating that it was not in compliance with Listing Rule 5250 because the company did not file its quarterly report on Form 10-Q in a timely manner for the period ending June 30.

At the time, Ener1 said it intended to file its Form 10-Q to regain compliance with Nasdaq. However, the company was delisted on Oct. 28, according to Bloomberg.

In August 2009, the U.S. Department of Energy (DOE) announced that EnerDel, a subsidiary of Ener1, was one of several companies to receive stimulus funding to accelerate the manufacturing and deployment of electric vehicles, batteries and components in the U.S.

The latest announcement comes two days after Beacon Power Corp., a Tyngsboro, Mass.-based energy-storage firm, filed for bankruptcy and about a month after solar company Solyndra Inc. shut down. Both companies received loan guarantees from the DOE.

After coming under fire from Republican lawmakers, the Obama administration recently announced plans to conduct a review of some DOE loan guarantees. Rep. James Sensenbrenner, R-Wis., announced that he plans to introduce legislation to require independent audits of all loan guarantees.

‘Learning about what went wrong with loans to Solyndra is important, but we also need to investigate other loans and ensure that future loans make fiscal sense,’ Sensenbrenner, vice chairman of the House Committee on Science, said in a press release.

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