Call it the worst case scenario come true. After going through a court-managed bankruptcy and auction, defunct EV battery maker A123 Systems has been (mostly) sold to Chinese auto parts maker Wanxiang group The selling price of $256.6 million was the highest bid, though the sale still has to be approved by the government.
Browsing the "A123 systems bankruptcy" Tag
The bankruptcy of American battery maker A123 Systems was another blow to President Obama’s green energy loan program. Yet as the consolidation of the battery industry continues, crucial questions are arising about the deals made between battery makers and electric car companies. While A123 wants to void a contract it made with Fisker Automotive, Fisker says that would disrupt the deployment of its plug-in hybrid Karma.
After a difficult year and much lower-than-expected sales of electric vehicles, battery maker A123 systems has filed for Chapter 11 bankruptcy protection in Delaware. The company has agreed to sell its remaining automotive assets to Johnson Controls. Let the game of political football over the $249 million green energy loan A123 received in 2010 begin.
The cottage industry of electric vehicle conversions was hoping to ride the wave of EV fever into a much larger market. Unfortunately, the high cost of conversions means there are few takers, and several conversion companies have already gone out of business.
Yet Auburn Hills-based ALTe Powertrain Technologies believes there is still a market for EV conversions…it just isn’t in the U.S.