The Ener1 subsidiary that got the DOE grant, EnerDel, spent $53mm in taxpayer money to employ 253 people, costing $209,486 per stimulus job. The company now employs 33 people, for a total program cost of $1,606,060 per job. The stimulus jobs just keep getting more expensive. That's what's funny about government procurement; a fixed-dollar contract drives up per-unit costs as the contractor discovers just how difficult it is to provide back-end support. Just ask Lockheed Martin about their success with the F-35 . . . but I digress.
The news for taxpayers keeps getting worse with DOE's loan guarantees and grant programs. At least Uncle Sam isn't the only institutional investor who's in the hole; Aspire Capital Fund threw $2mm down the tubes in August. I hope this latest flop has the decency to change its name from Ener1 to something more appropriate, like Ener0 or EnerNothing.
Full disclosure: No position in HEVV, ever.