Another Blow for Green Energy
An electric vehicle battery maker that was awarded $249 million in federal stimulus funds filed for Chapter 11 reorganization on Tuesday, giving GOP presidential candidate Mitt Romney potential ammunition to attack President Obama’s green-energy subsidies.
The Waltham, Mass.-based company, A123 Systems, filed for bankruptcy protection in Wilmington, Del., a day after it said it would be unable to make a debt payment. It’s selling its automotive assets to Milwaukee-based auto-parts maker Johnson Controls, which may enable it to continue operating two factories in the Detroit suburbs of Livonia and Romulus.
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