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Taxpayer-Funded A 123 Green Energy Company Handed to Chinese

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posted on Aug, 8 2012 @ 09:09 PM
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Taxpayer-Funded A 123 Green Energy Company Handed to Chinese

That company named A123 who make batteries and got Federal stimulus cash not only reported a horrible earnings report, they also made a bombshell "announcement" about their future.....

They are getting involved with a Chinese industrial group named Wanxiang !!!!

And guess who gets control of A123 ??

Breitbart -- Aug 8, 2012

A 123 Systems, the “green,” federal stimulus-funded lithium ion battery manufacturer, announced atrocious quarterly results today. Most expected that A 123‘s results would be dark red. What was a surprise was the simultaneous announcement that the company had entered into a memorandum of understanding (MOU) with a Chinese industrial group, Wanxiang, that will give the Chinese control of the company.

Remember that A 123 is the battery supplier to electric car-maker Fisker, and is also an investor in Fisker. It’s also the third US lithium ion battery manufacturer to go under. The other two advanced “green” battery failures were ENER1 and Valence. But the other two simply expired; there was no resuscitation attempt by a large Chinese industrial group.

Senator Charles Grassley of Iowa has been conducting an investigation into A 123 and Fisker -- and the Department of Energy money that has been spent on these two companies to support Secretary of Energy Steven Chu’s pipe dream for automotive transportation. I personally told the Senate in outside witness testimony 30 months ago that the A 123 and Fisker story would end in failure. ..............

Long story with many links and "explanations".....
Taxpayer-Funded A 123 Green Energy Company Handed to Chinese


We are "RED", China is now "Green" ?





posted on Aug, 8 2012 @ 11:04 PM
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reply to post by xuenchen
 


The Department of Energy, Sec. Chu and president Obama have all looked away from the crumbling network of crony-capitalist "Green Investments," citing some of the remaining "alternative" or "renewable" operations such as First Solar and A123 as "shining examples" of the wisdom of their "investments" of taxpayer money.

Today, however, ome of the linch-pins of that failed strategy acknowledged that its future, if any it has, is bleak:



posted on Aug, 9 2012 @ 09:36 AM
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reply to post by xuenchen
 


Why are you bringing this up?? We need to be talking about Bain Capital and Romney's tax records


Obama's record is off limits.....



Glad to know that the Chinese can capitalize on the backs of US taxpayers. How bad will it get when the Chinese begin to fully collect on the US debt? We can't pay them with cash, we will just pay them with assets (land, Buildings and business holdings) Wouldn't it be funny if Fannie and Freddie were forced to turn over their deeds to the Chinese??



posted on Aug, 9 2012 @ 10:17 AM
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Do I really need to comment on the stupidity of this administrations actions?

I started to type out my response, but then realized that it doesnt matter- his supporters dont care.

So I will leave quietly..



::throws shoe at the president::



posted on Aug, 9 2012 @ 10:26 AM
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is anyone really surprised? They gotta pay the debt off somehow



posted on Aug, 10 2012 @ 07:19 AM
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I would just like to point out that just because this company is doing something wrong, does not mean more environmentally safe technologies are unneeded or that all companies that make them are doing something wrong.



posted on Aug, 10 2012 @ 01:45 PM
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reply to post by xuenchen
 


Bad investment for China.

A123 will continue to lose money.

---------
I guess they could take the technology to China and lay off everyone in the USA.

They will make a bad copy and then sell it to ????????????



posted on Aug, 10 2012 @ 01:56 PM
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reply to post by A-Dub
 


It's taxpayer dollars......I demand my cut.......NOW!!!



posted on Aug, 10 2012 @ 03:24 PM
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Originally posted by cetaphobic
I would just like to point out that just because this company is doing something wrong, does not mean more environmentally safe technologies are unneeded or that all companies that make them are doing something wrong.


Right !

Many companies are very successful with private investor money.

The Political Animals can't get their hands on the cash.

My main point as always is the Corruption that seems to happen when the "Obama Green Plan" is involved.

The failure list is large and has cost You and ME big money !!

It's all about the Corruption, not the Concept.



posted on Aug, 11 2012 @ 03:05 AM
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Interesting, as I work as battery engineer in one of the best testing laboratories...




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