Another one bites the dust. Ener1 has filed for protection under chapter 11. Ener1 received $118.5 million in Department of Energy loans's. Reporting assets of $73.9 million and debts of $90.5 million in its Chapter 11 petition, the company blames it failure on competition from Korea and China. Of course news of General Motor's Chevy Volt and the fire caused by the battery probably won't improve the demand for any company's battery. In October, NASDAQ delisted the company due to non-compliance with Securities and Exchange Commission filing requirements. A month later, the company’s president, chief executive, and top financial officer were fired. The company operates its sole domestic plant in Mount Comfort, Indiana
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