Energy Department Will Not Give A123 Systems Additional Federal Funds After Chinese Purchase

The U.S. Energy Department will not give A123 Systems Inc. the balance of a $249 million grant, a department official said on Monday, a day after the bankrupt battery maker was bought by a Chinese company.

The official, who asked not to be identified because the proceedings are ongoing, said the end of the grant payouts was made clear to all parties who participated in last week's auction for the company.

A123 will be sold to Wanxiang Group, pending court and regulatory approval, after the Chinese company outbid Johnson Controls Inc of Milwaukee.

Alex Molinari, president of Johnson Controls Power Solutions, said he expected the sale to be approved by the Delaware Bankruptcy Court on Tuesday.



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Agent009 - 12/11/2012 1:56:03 PM

+2 Boost

I think we have already given the Chinese enough right now.

Mason3Robert - 12/11/2012 1:09:11 PM

-1 Boost

Hey Mary....STFU!!!!

HughJass - 12/11/2012 3:31:43 PM

+1 Boost

Why should they give more money? I doubt the Chinese care whether Obama will give his masters more money or not, they got the technology they wanted and didn't have to send in any sleeper agents to steal it. Far cheaper just to wait until Obama lets companies go bankrupt and buy them.

Good job Ohio/Indiana. Maybe China can buy GM next and ship the rest of the jobs overseas and finish Obama's mission for him.