another "green energy" bet goes belly up, $151M of taxpayer dollars wasted

So, a company that got federal tax dollars but has done nothing but send batteries to be recycled is considered a success to you Bucky?

As long as the company is paying workers from federal tax dollars it must be peachy keen.

Yes, how can Staples or dozens of other businesses hope to compete with the success of this company...

ROFLMFAO!!!

I'm not surprised. Chevy stopped making the Volt because it was costing more to make, than what they were able to sell it for.
We may have saved low paying jobs in Detroit, but when the high paying engineer jobs get outsourced to Washington, mistakes happen.
The government doesn't know the first thing about auto manufacturing, but they will take it over,... and then take it bankrupt.

4) Of the 30 battery and electric drive companies that have received stimulus funds, A123 is now the second to go bankrupt. Let’s review the stimulus scorecard. To date, 30 battery and electric drive firms have received stimulus funding. A full list is here. Two companies, A123 Systems and Ener1, have filed for bankruptcy so far. (It’s important to note, however, that the subsidiary of Ener1 that actually received the stimulus grant, EnerDel, never went through restructuring and has continued to operate two factories in Indiana the whole time.)
In a similar vein, of the 26 clean-energy projects that have received federal loan guarantees under a separate 1705 program, just three have filed for bankruptcy, including Solyndra, Abound, and Beacon Power. (Though, again, Beacon is still operating and has largely paid back its federally backed loans.)
5) Here’s the administration’s defense of its broader battery investments, for those curious. Over at the Department of Energy’s website, public affairs officer Dan Lestikow offered his take on the A123 bankruptcy. First, he noted that A123′s factories aren’t disappearing—they’re being taken over by Johnson Controls. “In an emerging industry,” he writes, “it’s very common to see some firms consolidate with others as the industry grows and matures.”
Second, Lestikow wrote that other U.S. battery factories are still going strong, such as the newly expanded Rockwood Lithium plant in North Carolina. And third, he argued that the stimulus program has helped bring electric car-battery prices down from $33,000 before the stimulus to $17,000 today and an expected $10,000 by 2015. “As costs come down even further,” Lestikow writes, “the market for hybrids and electric vehicles—which has nearly doubled in the U.S. since last year—will grow even further.”
That was the big gamble with the stimulus investments. By driving down the cost of batteries, the Energy Department was hoping to make electric cars affordable and widespread. But the plan hasn’t gone entirely smoothly—and two of the federally backed companies have now gone bankrupt—which is why it’s now such a frequent target of criticism.

1) A123 had a nifty idea for batteries—and seemed promising back in 2009. The company was co-founded in 2001 by Yet-Ming Chiang, a materials scientist at MIT who had developed a new technology for fast-charging lithium-ion batteries. By 2009, the firm had raised $350 million in private funding, $380 million through its initial public offering, secured $135 million in tax breaks from Michigan, and received $250 million in grants from the federal government as part of the stimulus.
Hopes were high. Every member of Michigan’s congressional delegation, Democrat and Republican, had co-signed a letter in 2009 to Energy Secretary Steven Chu supporting A123′s application for federal support. The company used part of its federal grant money to build a manufacturing plant in Livonia, Michigan.

Originally Posted by ChesusRice

4) Of the 30 battery and electric drive companies that have received stimulus funds, A123 is now the second to go bankrupt. Let’s review the stimulus scorecard. To date, 30 battery and electric drive firms have received stimulus funding. A full list is here. Two companies, A123 Systems and Ener1, have filed for bankruptcy so far. (It’s important to note, however, that the subsidiary of Ener1 that actually received the stimulus grant, EnerDel, never went through restructuring and has continued to operate two factories in Indiana the whole time.)
In a similar vein, of the 26 clean-energy projects that have received federal loan guarantees under a separate 1705 program, just three have filed for bankruptcy, including Solyndra, Abound, and Beacon Power. (Though, again, Beacon is still operating and has largely paid back its federally backed loans.)
5) Here’s the administration’s defense of its broader battery investments, for those curious. Over at the Department of Energy’s website, public affairs officer Dan Lestikow offered his take on the A123 bankruptcy. First, he noted that A123′s factories aren’t disappearing—they’re being taken over by Johnson Controls. “In an emerging industry,” he writes, “it’s very common to see some firms consolidate with others as the industry grows and matures.”
Second, Lestikow wrote that other U.S. battery factories are still going strong, such as the newly expanded Rockwood Lithium plant in North Carolina. And third, he argued that the stimulus program has helped bring electric car-battery prices down from $33,000 before the stimulus to $17,000 today and an expected $10,000 by 2015. “As costs come down even further,” Lestikow writes, “the market for hybrids and electric vehicles—which has nearly doubled in the U.S. since last year—will grow even further.”
That was the big gamble with the stimulus investments. By driving down the cost of batteries, the Energy Department was hoping to make electric cars affordable and widespread. But the plan hasn’t gone entirely smoothly—and two of the federally backed companies have now gone bankrupt—which is why it’s now such a frequent target of criticism.

So, A123 goes out of business taking hundreds of millions of dollars with it only to be scooped up at a bargain price by a successful major company.

And this is considered success to the government. Which is why they should not be able to pick and choose.

Originally Posted by NLXSK1

So, A123 goes out of business taking hundreds of millions of dollars with it only to be scooped up at a bargain price by a successful major company.

And this is considered success to the government. Which is why they should not be able to pick and choose.

You do realize of course that A123 never got a loan
They got a grant from the US goverment that was asked for by every congressman in Michigan both Republican and Democrat.........right?

Originally Posted by ChesusRice

You do realize of course that A123 never got a loan
They got a grant from the US goverment that was asked for by every congressman in Michigan both Republican and Democrat.........right?

he has no idea what he's talking about, he's just carrying water for a flip flopping, semi-retarded mormon fellow.

May 19, 2009

The Honorable Steven Chu
Secretary
U.S. Department of Energy
1000 Independence Avenue, SW
Washington, DC 20585

RE: Recovery Act-Electric Drive Vehicle Battery and Component Manufacturing Initiative (DE-FOA-00002

Dear Mr. Secretary:

We are writing to express our united support for the full consideration of the applications submitted to the Department of Energy by some of the most innovative and knowledgeable firms, collaborations and individuals from Michigan, which is home to an unparalleled expertise and experience in deploying large-scale new manufacturing technologies.

The American Recovery and Reinvestment Act included $2 billion for grants for manufacturing of advanced batteries and electric motors and electronics. The purpose of this funding is to invest in vital home-grown technologies and job creation in a new industry essential to jump start the development of a U.S. manufacturing base for batteries and to accelerate development and commercialization of reliable, safe and affordable electric drive vehicle systems. This new grant program is also viewed as a vital component of reducing dependence on foreign fuels, lowering vehicular emissions and helping vehicle manufacturers meet higher fuel economy standards.

Michigan is uniquely prepared to offer an American-led solution that meets these important goals. While Michigan's auto industry is facing historic challenges, this is also a time of unprecedented opportunity for our highly skilled workers to take a leadership role in meeting critical national needs. Nine of the world's top original equipment manufacturers (OEMs) and 46 of top 50 global suppliers have significant investments in our state, much of those now focused on developing zero or near-zero emission vehicles of the future. Our skilled workforce will also bring unmatched technical expertise that will give Michigan battery manufacturers a significant advantage over their competitors.

To support these manufacturers in their efforts, our state government colleagues, on a bipartisan basis, have taken aggressive action to organize our considerable research, development and manufacturing assets, including passage of unmatched state-level incentives to further leverage federal advanced energy investments. These incentives include $700 million in state tax credits for battery pack manufacturing, research and development, engineering and construction of production-scale battery plants. Utilizing these tax credits, four companies announced plans last month to invest more than $1.7 billion to launch advanced battery manufacturing in Michigan. On April 14, 2009, Governor Granholm announced the four companies awarded state refundable tax credits as:

• Johnson Controls-Saft Advanced Power Solutions (JCS), together with Ford Motor Company
• LG Chem-Compact Power, together with General Motors
• KD Advanced Battery Group, a joint venture of The Dow Chemical Company, Kokam America, Inc and Townsend Ventures LLC
• A123 Systems, together with Chrysler LLC

In addition, Michigan is already stimulating second-generation lithium-ion technology development through a Centers of Energy Excellence program, one of which includes the University of Michigan spinout Sakti3, and has formed various alliances with other academic and governmental entities including Oak Ridge National Laboratory and the U.S. Army Tank-Automotive Research, Development and Engineering Center (TARDEC). These alliances position the United States to take immediate advantage of Michigan's strategic assets to establish the supply chain needed to support cell manufacturers, their suppliers, and vehicle OEMs. This supply chain will allow faster deployment throughout the product life cycle, from battery material development to recycling, reuse and reclamation.

In summary, Mr. Secretary, establishing a North American battery center of gravity in Michigan will significantly improve the federal government's ability to more swiftly meet its ambitious vehicle electrification goals, and will pay dividends across the industrial Midwest through development of a strong supply chain. As the Department begins its review process, it is clear that our nation needs to 'get it right the first time' in deploying these recovery grant dollars. We urge you to strongly consider the importance of deploying the unmatched abilities and resources being offered to you from a state that has time and again persevered through regional and national challenges.


Sincerely,
The Michigan Delegation
Senator Carl Levin
Senator Debbie Stabenow
Congressman John D. Dingell
Congressman John Conyers
Congressman Fred Upton
Congressman Dale Kildee
Congressman Sandy Levin
Congressman Vern Ehlers
Congressman Pete Hoekstra
Congressman Bart Stupak
Congressman David Camp
Congresswoman Carolyn Cheeks Kilpatrick
Congressman Thaddeus McCotter
Congresswoman Candice Miller
Congressman Mike Rogers
Congressman Gary Peters
Congressman Mark Schauer