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Showing results for tags 'Solyndra'.
It seems like alternative energy schemes, especially those espoused by Obama, have a high mortality rate. Solyndra. The maker of the abortive Volt battery, A123 (see article excerpts below, link). I don't know if it's Obama's gross incompetence, or more likely the result of trying to force a market where none exists, or maybe both. I do know that as a taxpayer I can find far better uses than pouring it down a rat hole. Battery Maker Files for Bankruptcy A123 Scraps China Deal and Will Sell Car Assets to Johnson Controls Electric-car-battery manufacturer A123 Systems Inc. filed for Chapter 11 bankruptcy protection Tuesday with a plan to sell its auto-business assets to an American rival, Johnson Controls Inc., scrapping a proposed rescue by a Chinese company. The filing by the recipient of nearly $250 million in federal-government grants and $358 million in start-up funding scuttled a previously announced plan to sell an 80% stake to Chinese auto-parts maker Wanxiang Group Corp. That deal had encountered opposition from lawmakers concerned about the transfer of American taxpayer dollars and technology to China. A123's bankruptcy also represents a setback for the Obama administration's efforts to foster a market for electric vehicles and develop a homegrown supply of advanced batteries. It provides fodder for Republican presidential challenger Mitt Romney to continue attacking the president for his financial support of renewable-energy firms. While A123 Systems' tumble into bankruptcy follows that of other stimulus missteps like backing for failed solar-panel manufacturer Solyndra LLC, the futures of the two companies differ markedly.