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A123 Files for Bankruptcy

Yet another failure of central planning

Electric car battery-maker A123 Systems has filed for bankruptcy, according to Bloomberg News. The … known financial trouble, just a few months ago A123 awarded sweetened severance packages to its top … a pattern of large pay increases top executives at A123 Systems have received. In sum: The president of … more

Government-Backed Green Energy Company Sweetens Package For Top Executives Despite Mounting Problems

In SEC filings, A123 Systems raises 'substantial doubt on the Company's ability to continue'

… payout if they lose their jobs. A123 Systems, which opened a Livonia … factory in Korea in February. A123 Systems, which received $249.1 … Economic Development Corp. said A123 Systems hasn't received any state money from them yet. But A123 Systems stated it expects to … ending Dec. 31, 2012. One of A123's top customers, Fisker Automotive, … more

Job Numbers Vary Widely for Taxpayer Funded Electric Car Battery Maker A123 Systems

MEDC reported hundreds of jobs just prior to company's bankruptcy

Electric car battery maker A123 Systems was offered as much … That was just 16 days before A123 Systems filed for bankruptcy. … quarter ending Sept. 30, 2012, A123 Systems reported having just … MEDC, said the jobs number for A123 Systems was taken directly from A123's payroll records. "The feds … more

MEDC Removes Video of Obama, Top Dems Praising Failed Battery Company

YouTube promotion showed Obama, Granholm, Levin and Stabenow promising thousands of jobs

… highlighting the battery manufacturer A123 Systems. At the time, the … Debbie Stabenow. Since then, A123 has shed money, laid off half … after the initial roll-out, A123 is being acquired by a Chinese … initiatives. Michigan gave A123 Systems $100 million in MEGA … Department of Energy awarded A123 Systems a $249.1 million grant as … more

A123 Logs Its Own List of Failures

Like Solyndra, hundreds of millions in government subsidies didn't stop company from going bankrupt

… President Barack Obama highlighted A123 Systems during a White House … not in the way he envisioned. A123 Systems has become a study … green-energy failures. However, A123 Systems, which has its headquarters … Detroit Free Press reported that A123 Systems received $946,830 from … for Chapter 11 bankruptcy. A123 Systems is one of 19 green … more

Electric Vehicle Battery Subsidy Failures Evident Early On

Former Gov. Granholm defends her policies in Detroit Free Press article

… subsidies to four companies — A123 Systems, Dow Kokam, Johnson … chronicaling the collapse of A123 Systems. In a September 2010 … two industry experts called A123 Systems "a risky venture." … Capitol Confidential showed how A123 Systems increased the pay of … first three quarters of 2011. A123 Systems filed for bankruptcy … more

MEDC Boss Says Agency Changing; Has Long History of Backing Bad Companies

A look back at five MEDC-backed failures

… the MEDC on unproven technologies. A123 SYSTEMS The lithium-ion car battery … Obama told the crowd. The failure of A123 Systems is now well known. The company … October 2012. As of November 2012, A123 Systems had spent $115 million of a … Zero Jobs and Goes Out of Business A123 Files For Bankruptcy Speedshape: Another … more

Terrible Track Record

Government's 'green' venture capitalism experiment a failure.

… plant may be one of the biggest green failures in the country. While countless articles have been dedicated to exposing green failures like Solyndra, A123, LG Chem, Energ1 and others, Frontier, which is a part of Mascoma Corp., has received little media attention. In June, Michigan Capitol Confidential … more

Another One: Stimulus-Backed Battery Company Workers With No Work To Do — Playing Cards, Watching Movies, Reading Magazines

LG Chem joins the growing list of 'green' failures

… facility will play an important role in its global strategy for the batteries." This report comes on the heels of another “green energy” failure as A123 Systems, another battery company, declared bankruptcy this week. The company was promoted heavily by President Obama and top Michigan Democratic politicians. … more