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News & Politics News & Politics

Obama Admin Gave Electric Car Battery Maker $1 Million The Day It Filed For Bankruptcy…

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 (WZ)

Only in Obamaland.

(Reuters) – The Obama administration provided struggling battery maker A123 Systems Inc with nearly $1 million on the day it filed for bankruptcy, the company told lawmakers investigating its government grant.

The company, which makes lithium ion batteries for electric cars, filed for Chapter 11 bankruptcy protection last month after a rescue deal with Chinese auto parts supplier Wanxiang Group fell apart.

That same day, October 16, A123 received a $946,830 payment as part of its $249 million clean energy grant from the Energy Department, the company said in a letter, obtained by Reuters, to Republican Senators John Thune and Chuck Grassley.

In the letter, dated November 14, A123 said the October payment was the most recent disbursement it had received from the government, with an additional $115.8 million still outstanding on the grant.

Thune and Grassley have pressed the Energy Department for more details about its funding of A123 as the company has faltered.

“The Department of Energy needs to answer for why it appears to put federal grants on auto-pilot to the detriment of U.S. taxpayers,” Senators Thune and Grassley said in a statement. “This can’t stand.”

by on Nov. 17, 2012 at 8:02 AM
Replies (41-43):
Canvas_says
by Silver Member on Nov. 18, 2012 at 7:51 AM

Are you in Michigan Carpy? 

Quoting Carpy:

Yep, and I see the same three volts sitting on the car dealer shops lot across the road from my store since April. 

Quoting Canvas_says:

Yes, they built plants here in Michigan and what did we get out of them? Not the jobs promised but a small group of people receiving government checks while they play cards, games, and read magazines. 

Quoting jaxTheMomm:

Let's see.....  Further googling reveals that the funds A123 has received so far from the Dept of Energy were used to build two plants in Michigan.    (psssst this means jobs for Americans)

They not only produce lithium-ion batteries, but their own proprietary batteries for battery operated vehicles.  This is how the cars of the future may be powered.

They have expanded into energy grid technologies.  If you don't know what that is, go look it up - it's how your grandkids may power a lot of what they use on a daily basis.

It's not cheap, it's still in a very young stage of R&D.  Both technologies are receiving a great deal of interest and contracts, including US govt contracts.

These grants are enabling this company to further their R&D and production to a point where it's not only profitable but growing, meet their contractual obligations, and employ US citizens.

Are those bad things?

A Chinese company wants to aquire them - it may be their only option to stay afloat.  There goes all that US technology, out the door. Maybe even eventually the jobs here in the US, all because people don't understand that emerging technologies open the doors for all of us.

Is that a good thing?

Bonus question:  Tell me who invented LCD panels, and where they wound up.




Carpy
by Platinum Member on Nov. 18, 2012 at 8:21 AM

Yep

Quoting Canvas_says:

Are you in Michigan Carpy? 

Quoting Carpy:

Yep, and I see the same three volts sitting on the car dealer shops lot across the road from my store since April. 

Quoting Canvas_says:

Yes, they built plants here in Michigan and what did we get out of them? Not the jobs promised but a small group of people receiving government checks while they play cards, games, and read magazines. 

Quoting jaxTheMomm:

Let's see.....  Further googling reveals that the funds A123 has received so far from the Dept of Energy were used to build two plants in Michigan.    (psssst this means jobs for Americans)

They not only produce lithium-ion batteries, but their own proprietary batteries for battery operated vehicles.  This is how the cars of the future may be powered.

They have expanded into energy grid technologies.  If you don't know what that is, go look it up - it's how your grandkids may power a lot of what they use on a daily basis.

It's not cheap, it's still in a very young stage of R&D.  Both technologies are receiving a great deal of interest and contracts, including US govt contracts.

These grants are enabling this company to further their R&D and production to a point where it's not only profitable but growing, meet their contractual obligations, and employ US citizens.

Are those bad things?

A Chinese company wants to aquire them - it may be their only option to stay afloat.  There goes all that US technology, out the door. Maybe even eventually the jobs here in the US, all because people don't understand that emerging technologies open the doors for all of us.

Is that a good thing?

Bonus question:  Tell me who invented LCD panels, and where they wound up.





Simmeringhearts
by on Nov. 18, 2012 at 9:20 AM

I know! You just can't fix stupid! I bet ObamaCare will take care of that! LOL

Quoting Billiejeens:

Uh Huh

But a car that runs totaly on electricity would have solved that.

You simply can not make up how stupid these people are.


 

Quoting Simmeringhearts:

Ok, granted I live in Iowa. But, I have a tv. I thought there were gas lines because the electricity wasn't on and the gas stations couldn't pump the gas.

Quoting MomTiara19:

Obama wants America to be more independent(just like when he saved the American Auto industry in Ohio~they are thriving economically) and have our cars run on electric batteries and less on gas.This really became apparant during the Sandy storm when people were almost killing each other waiting in long lines for gas.This will be huge for our economy growth.




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