David Vieau News
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A123 Systems Inc., the electric-car battery producer, received a U.S. Energy Department grant payment of almost $1 million on the same day it filed for bankruptcy last month.
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A123 Systems Inc., the electric-car battery maker that filed for bankruptcy this week, had promising chemistry and marquee customers. What it couldn’t overcome, even with government funding, were missteps in manufacturing.
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The bankruptcy filing yesterday by electric-car battery producer A123 Systems Inc. gave Republican Mitt Romney fresh ammunition to criticize President Barack Obama’s record on the economy.
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A123 Systems Inc., the electric car battery maker that received a $249.1 million federal grant, filed for bankruptcy protection and said it would sell its automotive business assets to Johnson Controls Inc.
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A123 Systems Inc. said it’s replacing defective battery packs and modules it supplies to customers, including Fisker Automotive Inc., and that the flaw caused a Fisker Karma to shut down in a Consumer Reports test.
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The Chinese auto-parts maker that previously bailed out A123 Systems Inc., the U.S. electric-car battery maker that filed for bankruptcy protection this week, said it’s still interested in taking over the company.
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A123 Systems Inc.’s chief executive officer said the company’s financial rescue by China’s largest auto-parts maker will preserve U.S. jobs, after the agreement drew criticism from congressional Republicans.
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A123 Systems Inc. rose 52 percent, the company’s largest increase, after the maker of electric-car batteries said it has developed an improved lithium-ion cell that can cut costs of rechargeable and hybrid vehicles.
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Falling prices for lithium-ion batteries will make power-storage systems competitive with natural gas as a source of electricity during periods of high demand by 2016, according to the chief executive officer of A123 Systems Inc.
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A123 Systems Inc., the maker of lithium batteries, rose 6.4 percent after signing a $450 million non-binding financing agreement with Wanxiang Group Corp., China’s largest auto-components company.
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