Car battery maker A123 files for bankruptcy

Battery maker A123 Systems, a one-time darling of the U.S. electric car industry and recipient of millions in government funding, filed for Chapter 11 bankruptcy Tuesday.

The filing highlights the controversy over federal subsidies for "green energy" companies that has been a part of the 2012 presidential campaign.

 

A123 has $144 million in debt and missed a $2.7 million interest payment on Oct. 15.

In 2009, A123 received $249 million in federal funding for advanced battery technology manufacturing at two sites in Michigan -- Romulus and Brownstown.

The funding was part of $2.4 billion in stimulus funds designed to jump start advanced vehicle manufacturing in the United States.

Comments (0)

This post does not have any comments. Be the first to leave a comment below.


Post A Comment

You must be logged in before you can post a comment. Login now.

Featured Product

GreenFasten™ solar panel roof mount hardware, watertight, USA made

GreenFasten™ solar panel roof mount hardware, watertight, USA made

The GreenFasten™ - GF1 system utilizes the patented watertight technology EcoFasten Solar® is known for. The flashing is fit with our EPDM rubber bushing and when used with a compatible EcoFasten Solar compression bracket (milled with countersink), a watertight seal is created, which protects the integrity of the roof. Requiring just a single fastener (lag bolt or self-drilling), GreenFasten provides the fastest install in the industry and will not void roofing manufacturer's warranties. Backed by IAPMO certification, GreenFasten delivers a mounting solution for all new or existing (retrofit) composition shingle roofs, and is the most cost-effective solution available. Like all of the solar roof mount solutions in our line of products, GreenFasten is made in the USA using recycled materials.