A much-hyped electric car manufacturer has fizzled out before even manufacturing a single car. The highly anticipated Triac 2.0 was supposed to heal the earth (with help from our President, on supposes) while making you look cool at the same time. All for a mere $24,995. That isn’t the worst part, however. In reality, the taxpayers of Salinas, California weer suckered into ponying up $500,000 that they really couldn’t afford in order to lure this new firm to the area (from San Jose, no less) on the vague notion that the company would create “…70 new jobs and pay $700,000 in taxes a year to Salinas.” Oops.

Salinas Mayor Dennis Donohue said he was “surprised and disappointed” by the news. City officials were equally irked that Ryan notified them through an email that his company had crashed and burned.Salinas Redevelopment Director Jeff Weir said Green Vehicles folded because of a “lack of investors,” and a $2.7 million grant from California Energy Commission that never materialized. Donohue said he will work with the state to try to get at least $240,000 back from the now-defunct company.

Last year, Salinas city officials said they were excited about Green Vehicles moving from San Jose to Salinas because they wanted to turn Salinas into a hub for alternative energy production.City leaders wooed Green Vehicles to jump-start the sputtering local company and turn Salinas into an “electric valley.” Donohue and Weir both voiced their high hopes for Green Vehicles.