Another company given government money goes bankrupt

Let's see, the government puts up $43 million of the $69 million needed and despite that the company can't raise all the remaining $26 million? Fox News reports:

An energy company that received a $43 million loan guarantee through the same federal program that backed Solyndra has followed the path of the failed solar firm and filed for bankruptcy.
Beacon Power Corporation filed for Chapter 11 bankruptcy on Sunday in U.S. Bankruptcy Court in Delaware. The company, which develops energy storage systems based on what are known as "flywheels," had received the federal guarantee for a 20-megawatt energy storage plant in Stephentown, N.Y., back in August 2010.
The loan was expected to cover the lion's share of the $69 million project, one of several that Beacon was developing across the country.
But the company's CEO said in a statement to the court that all those projects are "capital intensive," and the firm is struggling to attract the additional investment needed to keep everything running. The fact that the company faced being de-listed from the NASDAQ didn't help, he said. . . .