US electric-vehicle battery maker goes out of business

New York Times : Lithium-ion battery manufacturer A123 Systems, which has been struggling financially for the past year, filed for bankruptcy on Tuesday. Based in Waltham, Massachusetts, the company was a major player in the Obama administration’s green-energy program, having received $249 million in grant money from the Department of Energy. Earlier this year, A123 had suffered a setback when it was forced to recall some $55 million worth of defective batteries. Despite trying to strike a deal in August to sell a majority share to a Chinese auto parts manufacturer, the company will end up selling its assets to Johnson Controls, another US battery producer that has also received federal assistance.