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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

Dead Batteries

… 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

President Sees Bright Green Future for Battery Jobs; Details Show Reality Still Very Cloudy

… employees. The exception was A123 Systems which has just reached … battery companies, including A123 Systems, predict they will … investments in the first place? A123 Systems seems to be the closest … batteries in North America. A123 Systems is headquartered in … announced a contract under which A123 Systems would produce advanced … more

Subsidized Green Energy Company Struggles, Lays Off Workers — Rewards Top Executives

Analyst: 'It looks like they are trying to pad their top people’s wallets in case something really bad happens'

… Chief Financial Officer of A123 Systems — the battery manufacturer … first three quarters of 2011. A123 Systems also learned earlier … lay off its own employees. A123 Systems had invested $23 million into Fisker. Yet, this month A123’s Compensation Committee approved … really bad happens.” When A123 Systems announced it was opening … more

Video Shows President Obama, Top Politicians Praising Failed Green Company

Obama, Granholm, Levin, Stabenow and Energy Secretary Chu all praised troubled battery manufacturer

… subsidized and now-troubled A123 Systems battery manufacturer. … advanced battery manufacturer A123 Systems. A123 Systems, which opened its lithium-ion … action lawsuit was filed against A123 Systems this week on behalf … Business Week, the lawsuit claims A123 Systems withheld information … more

State Paid Company To Create Michigan Jobs — Or Move Them Elsewhere

One of Granholm’s failed electric car battery deals

… One of the firms was called A123 Systems Inc. The agency stated, … wasn’t the whole story, as A123 Systems explained in its own … Michigan. But this deal let A123 Systems keep the benefits even … been shipped out-of-state. A123 Systems filed for bankruptcy … October 2012. In the SEC report A123 Systems stated, “We experienced … more

“Funny Numbers”

Critics of special business subsidies say state’s economic planners use shaky data to make decisions

… 300 new Michigan jobs, and A123 Systems’ production plans project … Corporation is projecting for the A123 Systems plant. The state is … briefing memo from April of 2009, A123 Systems plans to create 844 … aren’t jobs created by the A123 Systems plant, but jobs that … bothers him is how few jobs A123 Systems is required to create … more

Michigan Taxpayers Writing Check to Second Electric Car Battery Maker for $100 Million

… electric car battery plant, A123 Systems, will receive a $100 … House and 38-0 in Senate. The A123 Systems renaissance zone award … business tax credits for both A123 Systems and LG Chem.* "Refundable" … Commission, Massachusetts-based A123 Systems is the beneficiary … renaissance zone status.) A123 Systems is also the recipient … more

Yes, Granholm's Administration Gave Cash To Failed Electric Car Battery Company

She denied it in a U.S. Senate confirmation hearing

… the hearing. Barrasso cited A123 Systems, a company that had promised 3,000 jobs in Michigan. A123 Systems received authorization … bankruptcy. A Chinese firm bought A123 Systems’ intellectual property. … Granholm’s administration offered A123 Systems $100 million in battery … the public. It is known that A123 Systems received state payments … more

Failed Corporate Welfare Flashback: Company Warned, ‘We Have Never Been Profitable’

A123 Systems was an electric car battery company that received millions in taxpayer-funded subsidies from the state and federal government before filing for bankruptcy in 2012.  A123 Systems wrote this in its 2011 annual report: "Risks Related to Our Business … more

“…Funny Numbers They Pull Out of Their Backside”

Critics of special business subsidies say state’s economic planners use shaky data to make decisions

… 300 new Michigan jobs, and A123 Systems' production plans project … Corporation is projecting for the A123 Systems plant. The state is … briefing memo from April of 2009, A123 Systems plans to create 844 … aren't jobs created by the A123 Systems plant, but jobs that … bothers him is how few jobs A123 Systems is required to create … more

MEDC: The Same Old Run Around On Jobs Numbers

… lithium-ion battery maker, A123 Systems, was one of Michigan’s … initiatives. The state approved A123 Systems for $100 million in … less than three weeks before A123 filed for bankruptcy. In June 2012, … Q. Obviously, companies like A123 know at any given point in … Electric Car Battery Maker A123 Systems A123 Logs Its Own … more

Experts Say State Battery-Plant Subsidy Is a “Risky Venture”

… worthwhile investment is that the A123 Systems plant could become … Without that, he says the A123 Systems plant in Livonia "will … Lyon and Adriaens called the A123 plant a risky venture. "We … system in 2005. Since then, A123 states that it had net losses … the MEDC, sent an email with A123's responses to the comments … more

Michigan Governor Touts Jobs Costing Taxpayers $113,000 Each

… tag in federal and state subsidies it took to get A123 Systems to put its plant in Livonia. Granholm … loves high profile winners and invisible losers." A123 was awarded $249 million grant from the U.S. Department … battery capital of the world thanks to companies like A123 and global leaders in this industrial sector," … more

Gov. Granholm Touted Jobs Costing Taxpayers $113,000 Each

… tag in federal and state subsidies it took to get A123 Systems to put its plant in Livonia. Granholm … loves high profile winners and invisible losers.” A123 was awarded $249 million grant from the U.S. Department … battery capital of the world thanks to companies like A123 and global leaders in this industrial sector,” … more

Michigan 'Green' Jobs Declining

Despite state's recovering economy, Michigan's 'green' jobs dropped

… operations. One of the most notable failures is A123 Systems, which had an electric car battery plant … Gov. Jennifer Granholm and President Obama, but A123 filed for bankruptcy late last year. Nonetheless, … Of the Largest Bankrupt Green Energy Companies A123 Files For Bankruptcy - Yet another failure of central … more

State Agency Approves Subsidy Deals Despite Repeated Shortcomings

… failure, electric car battery maker A123 Systems was approved for more than … Funded Electric Car Battery Maker A123 Systems A123 Logs Its Own List Of Failures Michigan … Largest Bankrupt Green Energy Companies A123 Files For Bankruptcy - Yet another … more

‘Economic Development’ Week Skips the ‘Development’ Part

Corporate welfare claims are grand, but the results are practically nonexistent

… alternative battery company called A123 Systems in a 2010 press conference, … alternative energy companies such as A123 Systems would create 63,000 jobs in … Barack Obama. Obama congratulated A123 Systems on reaching “a tremendous milestone.” But A123 Systems filed for bankruptcy in 2012 … more

Michigan Home to Half of the Largest Bankrupt Green Energy Companies

Pushed by former Gov. Granholm, the state has four of the top eight stimulus-backed ‘green’ failures

… The companies with Michigan operations included A123 Systems, Azure Dynamics, United Solar Ovonics and … also liquidated its assets and no jobs exist. A123 Systems had a plant in Livonia that made advanced … summer, according to news reports. ~~~~~ See also: A123 Files For Bankruptcy - Yet another failure of central … more

Environmental Group Praises Michigan For Press Releases About 'Green Jobs'

Past job claims rarely came to fruition

… Michigan. The most spectacular failure in Michigan was A123 Systems, which Sen. Carl Levin and U.S. Secretary … employees at its Livonia battery plant weeks before A123 Systems filed for bankruptcy. In 2010, MIRS News … of the Largest Bankrupt Green Energy Companies A123 Files For Bankruptcy - Yet another failure of central … more

MEGA Fail: Progress Michigan Bashes Republican Governor for Democratic Governor’s Program

… Republicans. In September of 2010, Progress Michigan had an article criticizing Republicans for perceived threats to funding for four companies in Michigan: A123 Systems, Johnson Controls, Compact Power and Dow Kokam. Those companies received MEGA credits and other state incentives; they all failed in job pr … more

Granholm’s Green Energy Boondoggles No Bar To Selection As Biden’s Energy Secretary

Former Michigan governor finally gets gig 12 years after pitching herself to President-elect Obama

… oversaw several other green energy failures. For example, a company called A123 Systems had claimed it could create 3,000 jobs at an advanced battery plant … into a September 2010 Granholm press conference to promote the company. A123 Systems eventually filed for bankruptcy in October 2012 and was bought by … more

Q&A With the MEDC: Verifying Jobs Resulting From Special Government Favors

State Reps call for greater transparency or elimination of program

… reported in April 2013 for A123 Systems, which was a lithium battery company. A123 Systems was approved for $100 … separate program. In June 2012, A123 Systems announced it was hiring 400 … employees; three weeks later A123 Systems declared bankruptcy. … Fagan said. Q: Companies like A123 Systems know at any given point … more

Cost to Revive Economy With Battery Plant Subsidies: $5 Trillion

… As reported here yesterday, Massachusetts-based A123 Systems will also receive $100 million from the … these plants produce and each worker they hire. A123 Systems, which is also the beneficiary of a $249 … companies' factories in Korea and China. Indeed, A123 Systems all but admits in its annual "form 10-K" … more

Michigan Senate Revives Corporate Welfare Scheme Governor Vowed to End

Bill authorizes $50 million from state for another electric car project

… deal announced layoffs of 125 Michigan workers (A123 Corporation), the state Senate has authorized a … cell plants and similar projects. In addition to the A123 operation a second electric car battery assembly … federal subsidies. The Washington Post reports that A123 has received $380 million in government support, … more

Watch The Fine Print On ‘Green Jobs’ Claims

Speculation often treated as fact, and definition may be only in eye of beholder

… Granholm highlighted the advanced battery manufacturer A123 Systems as a key to transforming Michigan’s economy. … predictions never came to be, however. For example, A123 Systems had projected it could create 3,000 jobs … The jobs that appeared did not remain for long. A123 Systems eventually filed for bankruptcy in October … more

Activist Group Claims Government Subsidized Green Energy Projects Are Worthwhile

The free-market vs. government cronyism

… Vehicles Program, described the well-publicized bankruptcies of Solyndra and A123 Systems as “a few falling acorns” and call critics “Chicken Littles.” President … also: Michigan Home to Half Of the Largest Bankrupt Green Energy Companies A123 Files For Bankruptcy - Yet another failure of central planning Bankrupt … more

Chevy Volt Costing Taxpayers Up to $250K Per Vehicle

Analyst: 'This might be the most government-supported car since the Trabant'

… the potential government subsidy per Volt increases to $256,824. For example, A123 Systems has received extensive state and federal support, and bid to be … Ford's offering will also use LG Chem batteries and Fisker will use the A123 system for example) matches the same foresight and innovation  leadership … more

What's in a Number? Job Projections Inflated as 'Job Years'

A case study in how media and researchers can exaggerate economic impact findings

… ballot proposal and some of the mainstream media. That 2009 company is A123 Systems and the Michigan Economic Development Corp. (MEDC) projected the … rest is trying to make a controversy out of semantics." However, as the A123 Systems jobs forecast shows, there is a difference between projecting 2,217 … more

Everyone Loves Tax Cuts

If liberals don't believe tax cuts create jobs, why do they support corporate welfare programs?

… subsidies for "green" energy companies. For example, electric car battery maker A123 Systems brought President Obama, Sen. Carl Levin, D-Detroit, Sen. Debbie … these corporatist programs. Progress Michigan praised stimulus spending on A123, Johnson Controls, Compact Power and Dow Kokam in 2010 (before most of these … more

State’s Economic Central Planning Agency Behaving Differently Under New Leadership

… company receiving MEDC assistance has been questioned. For example, former Gov. Jennifer Granholm wrote in the Huffington Post about 2,200-plus jobs A123 Systems would provide in 2010 in return for $383 million in special assistance. According to a MEDC briefing memo, only 844 of those jobs were “direct” … more

Solar Subsidy Part Two

Will the promises come to fruition this time?

… Sun Not Shining On State Solar Subsidies The 89,000 Clean Energy Jobs Myth Michigan Home To Half of the Largest Bankrupt Green Energy Companies A123 Files For Bankruptcy - Yet another failure of central planning Bankrupt Solar Company Stimulus Money Missing From Federal Records Stimulus-Backed … more

What is a 'Green Job'? Advocates Won't Say

The more advocates talk about clean energy jobs, the more that number grows

… Sun Not Shining On State Solar Subsidies The 89,000 Clean Energy Jobs Myth Michigan Home To Half of the Largest Bankrupt Green Energy Companies A123 Files For Bankruptcy - Yet another failure of central planning Bankrupt Solar Company Stimulus Money Missing From Federal Records Stimulus-Backed … more

Plan for Green Energy Biogas Facility in Reed City 'Just Dies'

Granholm said it was part of a plan to turn state into 'clean energy capital of North America'

… Sun Not Shining On State Solar Subsidies The 89,000 Clean Energy Jobs Myth Michigan Home To Half of the Largest Bankrupt Green Energy Companies A123 Files For Bankruptcy - Yet another failure of central planning Bankrupt Solar Company Stimulus Money Missing From Federal Records Stimulus-Backed … more

Five Years Later, Granholm's Green Economic Vision has Failed to Materialize

Former governor said Michigan would be the capital of green energy

… Sun Not Shining On State Solar Subsidies The 89,000 Clean Energy Jobs Myth Michigan Home To Half of the Largest Bankrupt Green Energy Companies A123 Files For Bankruptcy - Yet another failure of central planning Bankrupt Solar Company Stimulus Money Missing From Federal Records Stimulus-Backed … more

Déjà vu: Michigan going all-in on taxpayer-subsidized battery plants

State battery subsidies have been an enormous bust so far

… credits for battery cell manufacturing. In a report to legislators, the Michigan Strategic Fund noted that it had approved funding for five companies: A123 Subsystems, Dow Kokam, fortu PowerCell, LG Chem and Johnson Controls-Saft. These subsidies helped land investments and short-term jobs, but at a massive … more

Incumbent’s Voting Record, Philosophy Challenged In Michigan's 107th

Rep. Frank Foster vs. Lee Chatfield

… successful than it actually was, as occurred with A123 Systems in 2012? If not, why not? If it was discussed, … didn’t the legislation include steps to prevent the A123 Systems situation from reoccurring? Rep. Foster’s … address numerous issues – including those relating to A123 Systems that you bring forth. The most recent … more

Obama-Promoted Battery Plant Moves to 'Rolling Furloughs' As Company Pulls Back on Jobs Projections

LG Chem received $151 million from feds, $100 million from state

… battery plant was one of two high-profile green projects heavily subsidized by the government that drew presidential attention, but now are struggling. A123 Systems, which has a lithium-ion battery manufacturing plant in Livonia, received $249.1 million in federal government money. It laid off employees … more

Wind Power 'Success Story' Was a Massive Failure

Wind project still cited years after it failed to materialize

… comments are included above.) ~~~~~ See also: The 89,000 Clean Energy Jobs Myth Michigan Home To Half of the Largest Bankrupt Green Energy Companies A123 Files For Bankruptcy - Yet another failure of central planning Bankrupt Solar Company Stimulus Money Missing From Federal Records Stimulus-Backed … more

Déjà Vu All Over Again For Auditor General Report On Select Subsidy Programs

Despite failures, taxpayer funded corporate welfare continues

… businesses in Michigan, including high-profile failures like the battery-maker A123 Systems, and the biofuels company Mascoma Corp.  But perhaps the media … "We determined that the completed grants, excluding the bankrupt company (A123), met only 19% of the original jobs projection." It also found that the … more

Former Gov. Jennifer Granholm Oversaw Parade Of Failed Green Energy Boondoggles

Would-be energy secretary’s record not promising

… then living in a borrowed room of a trailer. Short went back to prison. A123 Systems: Granholm joined U.S. Sens. Debbie Stabenow and Carl Levin at an … perform a product recall, then was restructured in federal bankruptcy court. A123 Systems has given up manufacturing in Michigan altogether. Mascoma: In … more