By Sammy Pollack:Shares of lithium-ion battery maker A123 Systems Inc (AONE) surged higher Tuesday following news that the company has broken through with its efforts to create a battery capable of operating in extreme heat and cold.
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DETROIT (Reuters) - Once a high-flying green technology company, battery maker A123 Systems Inc on Friday told investors it has about five months of cash left to fund operations, adding to woes for a sector short on results and long on government loans. The company, which received a $249 million grant from the Obama administration as part of a program to develop advanced lithium-ion batteries, said in documents filed with U.S. regulators that it "expects to have approximately four to five months of cash to support its ongoing operations" based on its recent monthly spending average. ...
(Reuters) - The U.S. government said bankrupt A123 Systems Inc cannot be sold without its consent because the battery maker received a $249 million grant from the Energy Department, according to court documents. Johnson Controls Inc of Milwaukee and China's Wanxiang Group Corp are battling over who will buy A123, a maker of lithium ion batteries for electric cars. The prospect of a U.S. government-financed company being sold to a Chinese rival has drawn opposition from some politicians, who say technology underwritten by U.S. taxpayers should not fall into foreign hands. ...
Military leaders and politicians are worried that U.S.-funded electric-car-battery technology will end up in the hands of a Chinese auto parts maker. The auction of battery-maker A123 Systems Inc., scheduled for Thursday, is expected to draw both U.S.
By Greentech Media:
By Jeff St. John
Waltham, Mass.-based advanced lithium-ion battery company A123 (AONE) filed for bankruptcy on Tuesday, becoming the fourth Obama Administration-backed green technology company to declare insolvency after receiving tens or hundreds of millions of dollars in federal grants and loans.
NEW YORK (Reuters) - China's largest maker of auto parts won an auction for A123 Systems Inc , a bankrupt maker of batteries for electric cars that was funded partly with U.S. government money, A123 confirmed in a statement Sunday. Wanxiang Group Corp's bid of $256.6 million topped a joint bid from Johnson Controls Inc of Milwaukee and Japan's NEC Corp for the maker of lithium-ion batteries. The sale did not include A123's Michigan-based government business that works with the U.S. Defense Department, which was instead sold to Navitas Systems for $2.25 million, A123 said. ...
By Greentech Media: As expected, some lawmakers are decrying A123’s (AONE) rescue by Chinese auto tech giant Wanxiang as a giveaway to a “foreign adversary.”Since when did China become an enemy of the United States? Since it started bailing out U.S. green technology companies that have backing from the Obama administration, that’s when.