Tuesday, October 16, 2012

More Green "Success"...

Not to pile on MA too much, but the irony, she is thick here...

A123 to sell $125M worth of assets, files for bankruptcy
Lithium-ion battery and systems maker A123 Systems (Nasdaq:AONE) said Tuesday it will sell off its automotive business assets to Johnson Controls (NYSE:JCI) in a deal valued at $125 million.
The agreement comes just two months after A123 said it struck a deal with China-based auto parts maker Wanxiang Group to provide the battery maker with $465 million.
A123 batteries are used in a variety of battery-powered cars, including the Fisker Karma and the Chevy Spark. What is not listed in the above article is that A123 got a $249 million clean energy grant from the Obama administration, adding another "green" company that apparently existed only to separate us from our tax dollars. This one's a nice double whammy, though, because it's a MA-based company.

It does make you wonder, though, just how much of our tax dollars have been thrown down the rabbit hole in the interest of being green...

That is all.

Thanks to Brad_in_MA for the link!

5 comments:

karrde said...

I would have passed it off as one more news story about a small auto-supplier being bought up by a larger auto-supplier. (Johnson Controls is one of the big boys in the Car Parts world.)

That's been happening for years in the Car Biz.

But notice the Fed subsidy, then notice the purchase price. The Feds paid double, and didn't even get any equity!

Robert said...

It's got nothing to do with being "green", except for the color of the money. It's all about funneling money to big donors, and getting that money back into Obazero's campaign coffers.

Old NFO said...

It's not a question, the answer is MOST of the tax dollars went down that green energy rabbit hole... Solyndra, now A123, what's next???

Brad_in_MA said...

More on this . . . . a battery builder that did not take stimulus funds is thriving -- in China. This info via The Boston Business Journal today:
http://www.bizjournals.com/boston/blog/startups/2012/10/stimulus-loser-ends-up-the-winner-in.html?ana=e_bost_cap&s=newsletter&ed=2012-10-17

TOTWTYTR said...

It does make you wonder, though, just how much of our tax dollars have been thrown down the rabbit hole in the interest of being green...

All of the money that the government has "invested" in green energy over the years has been thrown down a black, uh, green hole.

Green energy has been "just around the corner" since the 1970s.

It's a mighty big corner.