Car battery maker A123 files for bankruptcy

Source: CNN Money
10/16/12, 02:56 PM | Solar Power

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.

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