After federal grant, US battery-maker taken over by Chinese firm
Yeah, that green thing's a real winner, isn't it? Solyandra, Beacon Power, Konarka; all of these "green" companies got big fat government checks - and then went teats up. I'm wondering what it would take for a "green" company to actually survive these days - obviously throwing billions of dollars at them doesn't cut it. Why, it's almost like they're trying to sell a product that not enough people want!A company that two years ago was one of the most promising U.S. innovators in the clean-fuel auto industry was rescued from collapse Wednesday. Its buyer: A Chinese auto-parts company.Wanxiang Group Corp., one of China's biggest parts makers, offered a $450 million lifeline to A123 Systems Inc., a maker of advanced batteries for electric vehicles that received U.S.-government backing. The deal would put the firm's lithium-ion technology and its U.S.-funded manufacturing plant into the hands of a company that has slowly acquired a passel of auto assets across the Midwest.
Just wait until Obama's second term and electric cars become mandatory...
That is all.
Another dispatch from...
(image courtesy of Robb Allen)