Another company goes bankrupt in spite of federal efforts to fund green technology. The electric car battery company Ener1 received a $118 million grant from the Department of Energy, but it is now filing for Chapter 11 bankruptcy. Critics are wondering whether the Obama administration is actually doing research when it comes to investing in these types of green energy companies.

At the State of the Union address last year, President Obama called it the type of company America should be investing in. The day after that same address, Vice President Joe Biden even visited the Ener1 plant in Greenfield, Indiana. While he was there, Biden said in a speech, “We’ve proved time and again when we give the American people the support they need to succeed, this country can’t be stopped.”

Trace Gallagher reported that prior to the 2011 State of the Union, Ener1 had already lost $69 million in revenue, and has since been taken off the NASDAQ. He says the company is in deep financial trouble, and depending on how the filing process goes, taxpayers may never see any of that money again.