Audit Blasts Another Federally Funded Battery Maker For Misuse Of Taxpayer Funds

A Michigan-based company slated to produce lithium-ion polymer batteries for electric vehicles has instead kept production overseas, has failed to meet job targets outlined in a $150 million grant from the federal government, and has been reimbursed by the government for $842,000 in wasted work time, according to a U.S. Department of Energy Special Report released Wednesday.

The DOE says Holland, Mich.-based LG Chem Michigan misused part of a $150 million in American Recovery and Reinvestment Act funds and has decided not to shift production from its plant in South Korea to Michigan. It painted a stark picture of wasted U.S. federal dollars.

quizz - 2/13/2013 4:50:05 PM

+1 Boost

Duped again by foreign companies - a fool and his money are easily parted.