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!