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Ener1 Inc., a company, which makes batteries for electric vehicles, filed Chapter 11 bankruptcy protection on Thursday.
In a court filing, company CEO Alex Sorokin cited “intense competition” as the reason for the company’s recent troubles, especially from rivals based in Asia. Ener1 was one of a handful of alternative energy industry companies to receive federal grants. It received around $119 million in 2009 from the U.S. Department of Energy as part of the federal government’s efforts to support the nascent U.S. electric vehicle industry.
Ener1’s bankruptcy comes a few months after financial troubles at Solyndra LLC, a solar panel maker, which also received federal funding. Ener1, based in New York, makes lithium-ion batteries and has submitted a restructuring plan to the U.S. Bankruptcy Court in New York.