(CNSNews.com) - Ener1--a company that manufactures batteries for electric cars, and that received $118.5 million in federal stimulus money, and that Vice President Joe Biden visited last year the day after President Obama’s State of the Union Address—announced today that it has filed for Chapter 11 bankruptcy protection.

In last year’s State of the Union Address, delivered Jan. 25, 2011, President Obama set a national goal of having a million electric vehicles on the road in the United States by 2015—a goal that would be achieved, Obama said, by taking money out of the oil industry and “investing” it in new technology.

“With more research and incentives, we can break our dependence on oil with biofuels and become the first country to have a million electric vehicles on the road by 2015,” said Obama.

“We need to get behind this innovation,” he said. “And to help pay for it, I'm asking Congress to eliminate the billions in taxpayer dollars we currently give to oil companies. I don't know if you've noticed, but they're doing just fine on their own. So instead of subsidizing yesterday's energy, let's invest in tomorrow's.”

The next day, Biden visited the Ener1 plant in Greenfield, Ind.—which the White House said at the time had received a $118.5 million grant from the Department of Energy and was the type of investment the president was talking about in his State of the Union.

On Thursday, the company put out a statement announcing that it was filing for Chanter 11 bankruptcy protection in the U.S. Bankruptcy Court in the Southern District of New York.

Agriculture Secretary Tom Vilsack today announced his second bio-fuels loan guarantee in a week, revealing that the Agriculture Department (USDA) is slated to loan an Oregon biorefinery $232.5 million for a project expected to create 65 jobs and support 38 others.

Last week, USDA appoved a conditional $25 million loan guarantee for an Iowa project expected to create 38 jobs. Combined, the two projects create 103 new jobs at a cost of $257.5 million -- or, $2.5 million per job