(Fox News) Taxpayers are on the hook for a $139 million tab after a U.S. Department of Energy gamble on a green automaker went into the red, The Daily Caller is reporting.
The $25 million sale of the stake in Fisker Automotive to Hybrid Tech, owned by Richard Li, will be announced by the Energy Department, sources familiar with the deal told the website.
The transaction brings to an end another effort by the Obama administration to use public funds to stimulate green initiatives. Awarded a $529 million loan guarantee by the administration in 2009 to produce the Karma, a $103,000 luxury hybrid car, Fisker failed to meet DOE benchmarks, causing it to lose its loan guarantee two years later.
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