“A 123 Systems, the “green,” federal stimulus-funded lithium ion battery manufacturer, announced atrocious quarterly results today. Most expected that A 123‘s results would be dark red. What was a surprise was the simultaneous announcement that the company had entered into a memorandum of understanding (MOU) with a Chinese industrial group, Wanxiang, that will give the Chinese control of the company.”
Green Battery Maker- A123’s Deal With China (More TaxPayer Cash Wasted) – China Could see 80% of Control of Lithium Ion technology.
A123 Systems Rallies On China Firm Investment
By Steve Gelsi Published August 08, 2012 MarketWatch Pulse
NEW YORK – Battery maker A123 Systems Inc. jumped 23% to 58 cents a share on Wednesday after the Waltham, Mass., company said Wanxiang Group Corp. will invest up to $450 million in the firm. The investment from Wanxiang, China’s largest automotive component maker, is intended to create the capital structure necessary for A123 Systems to continue growing its business, the company said. “Alignment with Wanxiang is also expected to substantially strengthen A123’s access to the growing vehicle electrification and grid-scale energy storage markets in China,” the company said.