Will A123 Bankruptcy Cripple Electric Cars?
One of the pioneers of high power, long range electric vehicle batteries, A123 Systems, went bankrupt last week, sending shockwaves through the nascent electric vehicle industry. "This is a setback for the emerging EV industry, certainly," admits Paul Drayson, a technology entrepreneur and Le Mans racing driver who served as science and innovation minister in Tony Blair's administration.
His company, Drayson Racing Technologies, is developing an electric racing car that had A123's technology at its heart. And major league motor makers GM and BMW number amongst 123's customers. "A123 was regarded very highly for its excellent cells," says Drayson. "That is why we use their state of the art cells in our EV racing car."
"It shows how tough it is to survive and prosper in the cleantech industry right now and that's a major worry," Drayson told New Scientist. "We need companies like these to succeed if we are going to reduce our reliance on fossil fuels."
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