Thursday, August 9, 2012

Taxpayer-Funded A 123 Green Energy Company Handed to Chinese

Just another Obama Green Co. that went under on taxpayers but this time China will swoop in to pick the bones of the company clean and investors will get nothing.

Taxpayer-Funded A 123 Green Energy Company Handed to Chinese: "A 123 Systems, the “green,” federal stimulus-funded lithium ion battery manufacturer, announced atrocious quarterly results today. Most expected that A 123‘s results would be dark red. What was a surprise was the simultaneous announcement that the company had entered into a memorandum of understanding (MOU) with a Chinese industrial group, Wanxiang, that will give the Chinese control of the company.
Remember that A 123 is the battery supplier to electric car-maker Fisker, and is also an investor in Fisker. It’s also the third US lithium ion battery manufacturer to go under. The other two advanced “green” battery failures were ENER1 and Valence.  But the other two simply expired; there was no resuscitation attempt by a large Chinese industrial group. "

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