Oops: Another Obama Supported Green Energy Company Goes Belly Up

I wonder of Gov. Romney will bring this up tonight?

(Bloomberg) A123 Systems Inc. (AONE), a maker of rechargeable lithium-ion batteries for electric cars, filed for bankruptcy after failing to make a debt payment that was due yesterday.

The company listed assets of $459.8 million and debt of $376 million as of Aug. 31 in Chapter 11 documents filed today in U.S. Bankruptcy Court in Wilmington, Delaware.

A123 is one of the big companies providing batteries for the virtually worthless Chevy Volt, of which the DOE promised $263 million for aid. Grants, not loans.

 President Barack Obama called A123 Chief Executive Officer David Vieau and then-Michigan Governor Jennifer Granholm during a September 2010 event celebrating the opening of the plant in Livonia, Michigan, that the company received the U.S. grant to help build.

“This is about the birth of an entire new industry in America — an industry that’s going to be central to the next generation of cars,” Obama said in the phone call, according to a transcript provided by the White House. “When folks lift up their hoods on the cars of the future, I want them to see engines and batteries that are stamped: Made in America.”

A Chinese company was working to buy out A123 when they started going downhill.

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3 Comments

Comment by Gumball_Brains Subscribed to comments via email
2012-10-16 20:53:07

Wow, didn’t see that coming.

cough, cough

 
Comment by john
2012-10-17 09:29:43

The Chinese companies all receive larger subsidies than the US companies, Teach you sound like you are still a bit disapointed that Obama did not allow the entire US automoblie production to collapse. Some people just want to see the USA fail so that Obama can be blamed

 
Comment by Gumball_Brains Subscribed to comments via email
2012-10-17 13:51:11

The Chinese companies all receive larger subsidies than the US companies,

And the disgusting thing is, is that you are ok with that.

 

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