By appearances they are under-utilizing those funds. NOT A LOAN BUT A GRANT!!!!!!
The meaning that I read therein, considerable money available on the basis of each dollar put forth by Ener1 wins a dollar of grant money. Is this at all possible? If it is (and it sounds too good to be true) Ener1 can borrow from private investors, and contibute those borrowed funds within the grant confines thereby earning a dollar in grant money, which then I presume PAYS DOWN THE NEW DEBT?
If true this is set to move up in a very unbelievable way. We'll see.