» News
TAXPAYER-FUNDED A 123 GREEN ENERGY COMPANY HANDED TO CHINESE
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.
Remember that A 123 is the battery supplier to electric car-maker Fisker, and is also an investor in Fisker. It’s also the third US lithium ion battery manufacturer to go under. The other two advanced “green” battery failures were ENER1 and Valence. But the other two simply expired; there was no resuscitation attempt by a large Chinese industrial group.
Senator Charles Grassley of Iowa has been conducting an investigation into A 123 and Fisker — and the Department of Energy money that has been spent on these two companies to support Secretary of Energy Steven Chu’s pipe dream for automotive transportation. I personally told the Senate in outside witness testimony 30 months ago that the A 123 and Fisker story would end in failure.
Not that the Senate at that time paid any attention. It is a sad testament to the state of affairs in our country that a chemical engineer sitting in his back bedroom has more vision of the future than the National Academy of Sciences and the entire DOE. Of course, the chemical engineer had no economic or political motive, and looked at the thermodynamic problem while all others were on the gravy train. I have written a book for laypeople that explains energy and sustainability in simple terms. Now that billions have been wasted by our elected officials, perhaps I should invite members of Congress to read the book and gain some insight into the “green” stimulus failure.
Wanxiang is a Chinese auto parts maker, and of course it can bring some financial stabilityto A 123 — if it pours in money. Its problem will be that even if it uses sweatshop labor, the costs of the batteries will simply not come down by much, as there is not much of a labor component in the batteries. That is partly why I wrote my thesis to the US Senate. The CEO of A 123, Mr. David Vieau, still has the hope that this new investment after all the other investments will bring A 123 to the promised land. Good luck.
Drackxman
August 10th, 2012
Will this Madness ever end ?
ThisObamaNation
August 10th, 2012
GREEN IS THE NEW RED…
WHY DOESN’T THE NYT REPORT ON THIS STORY?
IRS WHISTLEBLOWERS REPORT THAT IRS AGENTS ARE AIDING AND ABETTING ILLEGAL ALIENS IN COMMITTING TAX FRAUD.
http://www.infowars.com/irs-caught-in-id-fraud-scam/
Joe
August 10th, 2012
God has begun judgment of this country. It is not going to get any better. Keep your faith in Him, not Obama.
MADJACK
August 10th, 2012
Where in the hell is the republican House of Reps and IMPEACHMENT charges against this POS in the WH???
Both parties need to be sent packing the way I see it.
Are there any honest politicians in this country or are they all power hungry, greedy assholes????
Team America
August 10th, 2012
How many more times are we going to have to sing Queen’s song, “Another One Bites the Dust?”
Maudie N Mandeville
August 10th, 2012
Romney needs to start talking about specific Obama ‘investments’ that have gone bad. A new short bio of a taxpayer wasted bailout failure every day.
If Obama wants to talk about a steel plant closing that Bain purchased, Romney needs to give a quick sound bite type bio of a123, then the next day Solar Trust next day Bright Source then Solyndra then LSP Energy Energy Conversion Devices then Abound Solar then SunPower then Beacon Power then Ecotality then UniSolar then Azure Dynamics then Evergreen Solar then Ener1.
And that’s just solar!
Bob M.
August 10th, 2012
Bailing out the CHINESE economy – one failed BUNGLE at a time…
>:-(
Tim
August 10th, 2012
This is all part of the payoff on our debt to the ChiComs. The pipeline was Part I and the GE deals and this sort of corruption are Part II and when the ChiComs get their banking set up, you’ll see Part III where they forclose on a quarter of the homes in America. This shit started with the Clintons and is just accelerating now to beat the coming hyperinflation.
The heathen Chinese ain’t stupid.