Green Graveyard: ReVolt Technology Bites the Dust
Bringing the number of tombstones in Heritage’s Green Graveyard to 20 is ReVolt Technology, a Portland-based company, which specialized in developing zinc-air flow battery systems.
ReVolt earned its place in the Graveyard when it declared bankruptcy, despite the fact it had been offered a whopping $10 million in funds from federal, state, and local governments. The Advanced Research Projects Agency – Energy offered a $5 million grant in 2010. Oregon matched the federal government’s promise with $5 million worth of loans.
The federal Department of Energy (DOE) promised taxpayers that it had closely examined each applicant, and according to DOE spokesman Damien LeVera, the companies “were rejected, if they looked too rich or too risky.” By the looks of it, ReVolt must have fallen through the cracks.