The Dayton Business Journal reports today that UltraCell, which has had its hand out since it landed in Vandalia- is closing operations in Ohio.
Politicians make lousy venture capitalists- since the money they are playing with is our tax dollars. And don’t just consider the money that we put into this venture as a waste- the whole bureaucracy in the Ohio Department of Development, the “Economic Development Directors” of the region- and the Dayton Development Coalition- are all a colossal waste of our money and energy.
From the DBJ:
UltraCell Corp., which has received millions of dollars in Ohio funding, has shut down its Dayton-area operations.
The Livermore, Calif.-based company, which makes fuel cell systems, broke the news to suppliers in a letter last week saying operations here would end on Aug. 13.
Local and state officials expected a meteoric rise from UltraCell, but that never translated into local jobs.
In 2006, the company announced plans to open a production facility in the Dayton area and create 360 jobs by 2010. In December of 2009, the company only reported having 13 employees at its Vandalia plant.
Officials from UltraCell could not be reached for comment.
Ohio officials are reviewing state grants and loans to UltraCell to determine what the company will be required to pay back, according to a spokesperson from the Ohio Department of Development. The company has been awarded more than $3.4 million in Third Frontier grants over the years and has collected more than $2 million of those grants so far.
UltraCell may not have to pay all of the Third Frontier money, or other grants and loans, because the state did benefit from its partnership with other organizations, such as the University of Dayton Research Institute, the spokesperson said.
In May, 2009, UltraCell reported raising $3.8 million in venture funding to help expand operations at its facility in Dayton. At the time, UltraCell has raised $30 million total since it was started in 2002, according to the company.
Of course, Esrati.com said it was a mistake back in December, 2008- “responsible tax dollar management: end job creation grants”
Now, can we go back and take a look at which idiots pushed our tax dollars into this operation- and hold them accountable? How about eliminating them and decreasing the tax burden for the rest of us? Maybe if we didn’t carry all the overhead of people trying to create jobs, there would be some money left for the businesses still left in Ohio to actually hire people who make something other than bad deals and broken promises.