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An America drowning in red ink is the land of the free no more
Topic - A123 Systems Inc.
Lobbyists are swarming on both sides of the pending sale of a U.S. battery-maker backed by more than $100 million in federal grants that soon could be in the hands of a Chinese competitor.
Creditors of a bankrupt U.S. battery maker that went broke after winning a multimillion-dollar federal grant want permission to hire a lobbying firm to keep the proposed sale of the company to a Chinese competitor on track.
A judge approved a deal Tuesday for a Chinese company to buy the assets of a bankrupt U.S. battery maker that won a quarter-billion-dollar grant from the federal government just three years ago.
Two senior Republican senators called on the Department of Energy to explain whether the bankruptcy filing Tuesday by an electric car battery maker, A123 Systems Inc., which was awarded nearly $250 million in government stimulus grants, will result in any taxpayers losses.
The bankruptcy filing Tuesday by a startup electric-car battery company that received hundreds of millions of dollars of economic-stimulus funds from the Obama administration is the latest sign that the president's high hopes to spur a clean-energy economy is in big trouble.
President Obama celebrated the opening of an advanced battery plant in Michigan on Monday as a critical boost for hybrid and electric cars — and a success for his administration's economic stimulus program.