Firefly Energy a little dim with details about financial health

June 23, 2009
By Billy Dennis

From WEEK:

Peoria’s revolutionary battery company – Firefly – has hit a bump in the road.

The company co–founder confirms Firefly has recently had two rounds of layoffs.

Mil Ovan would not give specific numbers. Sources say it’s about 15 employees and Ovan says that’s generally correct.

Ummm … sorry, Mil Ovan, but you’ve gotta be more forthcoming with data than that. After all, the good people of Peoria city and county invested in your company. Remember that $6 million loan you got from National City Bank? Those loans were guaranteed by taxpayers.

I am utterly baffled as to why the City Council did that, considering there’s absolutely no guarantee these loans would translate into permanent jobs. Even if your “revolutionary” battery technology it a hit (big “if” there, pal) there’s no guarantee you will built them here. Can considering that Caterpillar created and is part owner of your little start up company, it’s not lot The Great Yellow God couldn’t guarantee the loan.

And since $6 million is kinda FRIGGIN’ HARD TO COME BY THESE DAYS, you will for give those of us who work are asses off to pay these taxes for being a little concerned that a company that has $6 million of our money starts laying people off. Telling us that the details aren’t really our business is not good mojo.

I mean, do you people even HAVE a business plan? I mean, other than waiting for military contracts, or waiting for someone to come along and sprinkle some magic stimulus spending plan dust on your company? I mean, if your technology is GOOD, the PRIVATE sector would buy into it.

Perhaps it’s time for the Peoria City Council and Peoria County Board to haul you ass in and take a look at your books.

BWAHAHAHA … sorry, folks. That would assume either government body possessed a sense of responsibility that was more powerful than its fear of what would happen if they didn’t do exactly what Caterpillar tells them to do.

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One Response to “ Firefly Energy a little dim with details about financial health ”

  1. BeanCounter on June 24, 2009 at 7:33 am

    Part of the loan agreement was that they would submit quarterly financial statements. I wonder if they ever have?