Johnson Controls Appeals A123 Sale

A bankruptcy judge gave approval last week for Wanxiang to buy most of A123's assets.

Published: 21-Dec-2012

Johnson Controls Inc. filed an appeal Monday of last week's court decision approving Wanxiang's purchase of A123 Systems, the bankrupt hybrid battery supplier that supplies batteries for Navistar's eStar and other electric vans.

A123 Systems was founded out of research at the Massachusetts Institute of Technology and $100,000 in federal seed money in 2001. It became a darling of the "green" industry movement, securing $249 million in federal loan commitments in 2009, when an initial stock offering sold quickly and at high prices.

Not all the stimulus money was given to the company, but enough was that Gov. Mitt Romney added it to his list of wasted expenditures on green causes by the Obama administration.


David Vieau (right) with President Obama at White House announcement.

David Vieau sees 80% stake in A123 by Wanxiang as saving American jobs.

Lola Drayson electric LMP racer.

Drayson Racing designed its Le Mans-style electric racer around A123 System's nano-structured lithium ion chemistry.

Illustration of A123 Systems energy storage bank.

While the electric car battery side of the business proved to slow developing to save A123, the grid storage business appears to be where the most immediate opportunity lies.


blog comments powered by Disqus