Wednesday, October 17, 2012

More Obama Green Energy Sucess stories

That Green economy is going gang busters….

Waltham lithium ion battery maker A123 Systems Inc. filed for bankruptcy protection in a Delaware federal court Tuesday, saying it was calling off a major deal with a Chinese auto parts conglomerate that was expected to save the firm, and announcing it would sell its auto-related assets to another US battery maker.

It’s a stunning fall for an alternative energy company once viewed by the administrations of President Barack Obama and Governor Deval Patrick as a key component of a clean-energy driven economy. The US Department of Energy pumped hundreds of millions of dollars into A123, including a nearly $250 million grant to build an automotive battery plants in Michigan.

Obama administration officials did not immediately respond to requests for comment.

“AOne sold the majority of its products at a gross loss, meaning it cost AOne more to make the product than it could sell it for,” said Andrea James, a senior research analyst who followed the A123 for Dougherty & Co. LLC in Minneapolis.. “It does no good to be an industry leader in a money losing business.

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