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A123 Systems becomes America's latest EV battery maker to file for bankruptcy
Having been riddled with setbacks, including a major recall of faulty batteries supplied to Fisker Automotive, Michigan's favorite EV battery maker A123 Systems has filed for bankruptcy. It has also announced the sale of its main business units to rival Johnson Controls in a deal pegged at $125 million -- a sad fraction of the billion dollars it raised since it launched in 2001 (not least from government grants). It seems that neither fresh lithium ion innovations nor a potential deal with Chinese investors were able to keep the company out of the red, which leaves A123 on the road to nowhere -- right behind that other DoE-sponsored hopeful, Ener1.
Battery maker Ener1 files for bankruptcy, tied to Think Global's bumper
Nobody was that surprised when EV maker Think Global drove off into the Chapter 11 sunset, but now it's towed an even bigger company along with it. Ener1 invested heavily in Think and also manufactured the lithium-ion batteries for its cars, but all it got in return was a lethal $69 million hole in its balance sheet. The company was de-listed from Nasdaq last month and now it's seeking bankruptcy protection to restructure $81 million in debts. If it fails to get its finances in order, organizers of the 2014 Winter Olympics may need to look for another power source.
