A123 Systems Bankruptcy Is A Complete SellOff Next? Forbes

15 Июн 2014 | Author: | Комментарии к записи A123 Systems Bankruptcy Is A Complete SellOff Next? Forbes отключены
August Electric Vehicle

A123 Systems Bankruptcy: Is A Sell-Off Next?

Lithium ion maker A123 Systems said it has sold its automotive to Johnson Controls and is filing for protection.

The moves are a change in for the ailing Waltham, MA-based which in August said it sell an 80 percent share to the parts division of Chinese Wanxiang for $450 million.

Controls will acquire a set of assets for its $125 million some of which were with federal aid. Systems’ auto business its technology, two battery factories in a cathode powder manufacturing in China, and A123’s stake in two parts suppliers in China. Controls also will put up million so A123 can maintain during the sale.

A123 System also that it is seeking buyers for its energy storage business. In a CEO David Vieau said the has received multiple proposals for its business. Apart from its battery business, A123’s main area of business is in storage where its batteries are to maintain a steady frequency on the or store energy from farms.

The company said yesterday it default on its debt agreement and said the bankruptcy protection was to “facilitate the transaction” with Controls.

August Electric Vehicle

Despite having world-class technology, A123 Systems from a lack of demand for its vehicle batteries. Although the has improved and the prices have down, batteries are an expensive and mean higher upfront for consumers. Sales data that consumers have showing more interest in hybrid and hybrid vehicles. all-electric cars which a limited driving range.

The sale of most of A123 to of China set off protests in Washington worries about the national and economic implications of selling Systems and its technology to a Chinese A123 Systems received a million grant from the government to expand its battery about half of which has spent.

Now, the Johnson Controls will put A123 Systems’ assets, including those by the grant, in control of a U.S.-based But A123 Systems’ bankruptcy no doubt become fodder for of the Obama administration’s efforts to start clean-energy industries grants and loans to young

Once considered a clean-tech story and valued at $2.3 A123 Systems is now valued at $11 and is being sold off for its component If there’s a silver lining to its A123 Systems’ bankruptcy and sale of its grid business mean that its technology find new owners, providing a of broader deployment.

August Electric Vehicle
August Electric Vehicle

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