Chinese company buys bankrupt US battery manufacturer
DEC 10, 2012
DOI: 10.1063/PT.5.026599
Washington Post : A Chinese auto parts manufacturer, Wanxiang America , won the bidding for bankrupt lithium-battery manufacturer A123 Systems , based in Waltham, Massachusetts. Wanxiang will pay $256.6 million for A123’s technology, manufacturing facilities in the US and China, and contracts with utilities and automakers. A123’s government and military contracts, however, will go to a US company, Navitas System , in Woodridge, Illinois. Despite $249 million in grant money from the US Department of Energy, A123 was forced to declare bankruptcy last October after suffering a series of setbacks, including a major battery recall.
© 2012 American Institute of Physics
