Tuesday, October 16

Federal Investments in Green Energy Company A123 Systems didn't stop it from Filing for Bankruptcy

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A123 Systems Inc., a Lithium Ion Battery manufacturer which has received federal investments aimed at encouraging the Presidents Green initiative filed for bankruptcy in a Delaware court earlier today.

A123 Systems reportedly received a Federal grant just shy of $250 million to build an automotive battery plant in Michigan in addition to millions in other investments to help position the company once held as a key to Green energies future in the United States.

The news will likely come to play in tonight's Presidential debates between incumbent President Barack Obama and the Conservative challenger, former Governor Mitt Romney.

The Obama administration has taken several blows over the failings of companies that received federal investment funds over the past four years. Memories of Solyndra still linger and will also inevitably take enter stage in tonight's debates.

The timing of this action could not have played out better for Mitt Romney

However the bankruptcy filing was a voluntary strategic move to facilitate the sale of the assets to Johnson Controls. Johnson Controls will provide $72.5 Million in financing to support A123's continued operations.

Read A123's Press release by clicking here: A123 Systems Reaches Agreement to Sell Automotive Business Assets To Johnson Controls
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