Obama throws money at alternative energy company to compete with China (free markets be damned...Government decides
Company is an unmitigated failure (one of many) and declares bankruptcy...
Company gets brought by the people this whole thing was supposed to compete with...
Romney was right...Obama doesn't pick the winners and losers...He just picks the losers...
Chinese company buys battery maker that got recovery funds
Wanxiang America, the U.S. arm of a Chinese automotive parts giant, won the bidding for a bankrupt Massachusetts-based lithium battery manufacturer that was once hailed as a cornerstone of President Obama’s quest for American dominance in electric vehicles and battery technology.
A123 Systems announced Sunday that Wanxiang would pay $256.6 million for all of A123’s technology, its manufacturing facilities in the United States and China, and its contracts with utilities seeking grid storage and automakers seeking batteries for electric and hybrid vehicles.
Wanxiang would not acquire A123’s Ann Arbor, Mich.-based government business, which includes all of its U.S. military contracts. Those would be acquired for $2.25 million by Navitas Systems, a Woodridge, Ill.-based provider of energy storage products for commercial, industrial and government agency customers.
Wanxiang, which has been investing in the United States since 1994 and has 3,000 U.S. employees, beat out Johnson Controls and two foreign firms, Japan’s NEC and Germany’s Siemens. The Chinese company is one of China’s biggest private firms with worldwide revenue of $8 billion, and it said that this is its fifth “clean energy” investment in the United States this year.