Johnson Controls Appeals A123 Sale
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.
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