Kind of reminds me of Obama’s green initiatives.
In the Obama administration, didn’t a bunch of green companies get a bunch of green dollars donate to the Dems and then go bankrupt?
Nikola, Once a Darling of Green Investment, Files for Bankruptcy
Electric truck maker Nikola, which briefly boasted a market value above Ford Motor before its founder was charged with fraud, filed for bankruptcy after struggling with high costs and a trucking industry reluctant to abandon diesel engines.
Nikola said it plans to wind down operations. Its rapid rise, with investors embracing the promise of environmentally friendly vehicles, was followed by a steep decline as the company stumbled trying to fulfill the lofty promises of its founder and former chief executive, Trevor Milton.
Now a penny stock, Nikola filed for chapter 11 on Wednesday in a Wilmington, Del., court, joining other Tesla wannabees that have run out of road before their zero-emissions visions were realized. The Wall Street Journal reported earlier this month that Nikola was nearing a bankruptcy filing. . . .
Nikola that year reported orders for 14,000 of its heavy-duty trucks. Those were mostly nonbinding, and the company was still years away from being able to produce that many vehicles. . . .
The first hydrogen truck prototype the company unveiled at a public event was an empty cab with the words “H2 zero emissions hydrogen electric” stenciled onto it but with nothing underneath, one of the company’s engineers later told the Journal.
The company’s shares plunged following the Hindenburg report, and in 2021 federal prosecutors charged Milton with securities fraud. They alleged he lied about nearly every aspect of Nikola’s business, including claims that Nikola built its Badger electric pickup truck from the ground up and had produced hydrogen at below-market prices.
Milton was convicted in 2022 and given a four-year prison sentence, which he is appealing. . . .
Personally I am all in favor of hydrogen vehiclea, nat gas vehicles etc… (Solyndra, or Nikola or whatever the company was called, promised to make both but failed in both cases.)
What I am not in favor of is:
guys who have never bult anything, nor run anything except a political action committee suddenly getting billions to open a technology heavy company because they had a tech-related idea while sitting on their couch.
Yes it was a set aside for local climate justice initiatives.
The “set aside for local . . .” is DC-speak for “it is going to our unvetted friends and supporters We want to be able to deny being associated with it.”
The “Climate Justice” part means “only black people can get tis money. White people and other undesirable races get to the back of the bus. No money for you.”
