A123 of submission immediately became a campaign issue, because the Obama management $249,1 million in the form of grants three years promised earlier to help the company, the jobs and factories to US Republican Mitt Romney campaign the President to bring Barack Obama errors in economic policy pointed to the insolvency as an example.
It produced the company, co-founder of a 26-year-old from the Massachusetts Institute of technology, defective batteries, the its most important customers, Fisker Automotive Inc., to recall hundreds of $103,000 forced cars. The technology will not disappear: Johnson Controls Inc., a Partsmaker based in Milwaukee, has offered A123 buy car battery business.
"This shows how difficult it is to bring this battery revolution underway," said Ed Kim, analyst at AutoPacific Inc. in Tustin, California.
The bankruptcy followed the attempt, a majority stake in a Chinese company, A123 on the for sale, which fell by Congressional Republicans in the midst of control apart. The offer by Johnson Controls approved by a U.S. bankruptcy court be and could be crowned by a rival bidder.
Given the number of battery manufacturers and even less demand for electric cars, "war of attrition was pretty much a given," Kim said. The surprise was that A123, with State support and fine minds behind it, "the game so quickly would."
They sell themselves to Johnson Controls, A123 would more proven industrial enterprises in the hands of one end that can use its electric car technology in so-called start-stop batteries for hybrid and traditional vehicles. The sale to Johnson Controls base holds the US investment in battery technology and a local production for at home rather than potentially losing it to China.
"In an emerging industry, it is very common that some companies with others to consolidate as the industry grows and matures," Dan Leistikow, a spokesman for the Energy Department, wrote in an Oct. 16 blog entry on the website of the Agency. Johnson Controls potential buy "means that the A123 continue to be production facilities and technology a vital part of America's advanced battery industry."
A123 was in 2001 by the then-26-year-old entrepreneur Ric Fulop and scientists yet-Ming Chiang am with founded. The company, initially funded by a grant of $100,000 from the Department of energy, owes its name to the Hamaker constant force to calculate the attractive and repulsive forces between the particles in nano dimensions.
In the beginning, A123 made batteries for power tools with companies such as Stanley Black & Decker Inc., the world's largest manufacturer of cordless tools. The company expanded its product portfolio for the production of hybrid and plug-in batteries for vehicles after investment by companies such as General Electric Co. and Procter & Gamble Co.
In January 2007, General Motors Corp., the Detroit-based automaker said before its own insolvency, said that A123 Hybrid Vue Green batteries for a plug-in Saturn line would provide. In August 2007, GM said that it would document Volt cells with A123 for Chevrolet.
These two deals are finally charged. GM gutted the batteries, which developed it together with A123 against those of South Korea's LG Chem Ltd. Seoul selected In January 2009 GM - based LG Chem to make the packs. The Saturn brand was in the same year as part of which eliminates automaker bankruptcy.
A123 $1.84 billion in federal loans in January 2009 applied to build the first U.S. large-scale installations for the supply of rechargeable hybrids and electric cars. The company said that it would planned to eventually spend $2.3 billion on U.S. factories, which employ 14,000 people. His Oct. 16 message listed it 1,763 employees at 10 locations in Germany, China, and the United States.
Seven months after A123 is applied for loans, President Obama announced that the company among the recipients of the $2.4 billion in the federal funding for the promotion of hybrid and electric vehicles, would be getting $249,1 million of those funds.
"This is about the birth of an entire new industry in America-an industry which be central to the next generation of cars,", Obama said Jennifer Granholm in a September 2010-call with A123 CEO David Vieau and then Michigan Governor. The call was during the opening of a factory in Livonia, Michigan on speaker celebrates an event played.
"Made in America"
"If people bring their hoods on the cars of the future, I want to see engines and batteries that are stamped: made in America" Obama said, according to a transcript provided by the White House.
Obama had set a target of 1 million electric vehicles on U.S. roads by 2015. With less than 50,000 sold, this number seems out of reach.
A123 landed $249,1 million received $132 million Department of energy grant, the funds to build plants in Livonia and Romulus, Michigan. The company sold the first stock to the public in September 2009 GM, Shanghai Automotive Industry Corp., Bayerische Motoren Werke AG and Chrysler Group LLC are among its customers.
While A123 boasted an impressive list of customers, the money was another thing. The brochures, the company said it had never profitable, had a history of losses and "may be impossible to achieve or sustain profitability."
The risks are not investors. A123 about 380 million $ for the company and its investors receive $13.50 per share in the IPO to increase its selling price at least twice thrown. 50 Percent increased shares in the first day of trading, Castle at $20.29.
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