Skip to comments.Government-backed battery co. A123 likely headed for bankruptcy
Posted on 10/16/2012 6:09:29 AM PDT by pietraynor
Waltham-based electric car battery maker A123 Systems, which has received hundreds of millions in state and federal funding, expects to default today on certain debt payments and could be headed for bankruptcy, according to a document the company has filed with the Securities and Exchange Commission."No assurance can be given that the company will be able to avoid restructuring, reorganization or a bankruptcy filing," the troubled firm said in a filing yesterday.
A123 Systems said it expects to miss its October interest payment on $143,750,000 worth of 2016 corporate notes. The company said it also expects to miss a payment on another $2,759,000 worth of notes.
The company may not have sufficient cash to fund operations, and could seek bankruptcy protection in order to obtain new financing and complete deals it is considering
(Excerpt) Read more at bostonherald.com ...
Another Obama battery company is drained. Shocking!
Everything this administration touches, dies.
Stuart Varney just reported on this on FoxNews.
He said the $249 million was in grants, not loans. They have spent about half that. If they do default, the $249 million is ‘lost’ money.
Apparently, the problem is that A123 makes electric car batteries. People are not buying many Volts and similar electric cars. [s]Thus, it is the general public’s fault for not buying green. We need a law mandating that every 3rd vehicle a person or business purchases MUST be electric. [/s]
Battery technology has really not made much progress over the last 200 years.
Tell that to the 15 billion iPhones and other products out there that could not have existed 15 years ago.
It's not just the company, it's ultimately the taxpayers.
more roadkill downwind of the rotting Dolt electric fail.
The question should be why are taxpayers forced to put failing business models on corporate welfare??
The GOP should be running against corporate welfare/subsidies.
If they think companies need ‘help’. The Democrats should be told to just cut taxes. That’s what the GOP should be doing, except they also support corporate welfare.
President Herbert Hoover: a chicken in every pot and a car in every garage
President Barak Hussein Obama: a cellphone in every hand and an electric car in every driveway
And the economy continued to collapse down on each of them.
“Battery technology has really not made much progress over the last 200 years.”
My 18 volt Makita 1/2” Lithium Ion drill would beg to differ while it’s attempting to break my wrist. (grin)
I grew up in the late 50s and through the 60s.
The carbon-zinc batteries I used in toys back then had an energy density of 130 joules/gram.
The lithium-ion batteries that power my cell phone and the little radio-control helicopters I like to play with pack an energy density of 460 j/gm, more than three times as much... and they’re rechargable too.
Not much compared to the (roughly) nine orders of magnitude improvement in the cost of a transistor in the last fifty years, but still not that bad.
Nanotechnology coming on-stream should boost it by an additional factor of two or three.
I'd be happy if we could see an order of magnitude over my lifetime. I was thinking more about rechargeables. Electric cars haven't done that well over the last 110 years.
It’d be better is the energy were transmitted wirelessly - as Tesla intended.
It’d be better if the energy were transmitted wirelessly - as Tesla intended.
It would take 15 billion iPhones batteries to power a car.Ratio of power required to power a car is vast.