Advanced battery maker A123 Systems Inc. filed for bankruptcy protection Tuesday after burning through more than $100 million in taxpayer money, thrusting the Waltham company into the middle of the presidential sparring over energy and economic policies.
Shortly after A123 filed in federal court in Delaware, the campaign of former Massachusetts governor Mitt Romney renewed its attacks on President Obama’s support, through federal grants and loans, of emerging clean energy companies. In the first presidential debate, Romney sharply criticized Obama for the failures of government-backed firms, including California solar panel maker Solyndra LLC, which defaulted on more than $500 million in federally guaranteed loans.
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Another example of why governments do not belong in the venture capital business. If these companies were so promising, private investors would have made the investments, and shouldered the risk. The central planners of the Obama administration are learning a valuable lesson, at the expense of the taxpayers.
Pres. Obama cannot run on this record....this is taxpayers money, let venture capitalists use their money...they make a profit...good....loss their loss and that is how business works. Reseach for cures in illnesses like cancer etc. I can see grants but wind mills & solar ...let business do it.
Republicans usually love corporate welfare, but then again it mostly goes to large mainstream companies that don't really need it.
Republicans do not love failed investments.
The sale of batteries occurs in a world market.China has flooded the market. This puts the United States at a distinct disadvantage because innovation in the entire field of renewable energy and green technologies is stifled by government subsidies in China. Our government works to protect entrenched interests like the auto industry and the oil industry with subsidies that make our investment In Solyndra and A123 look like child's play. It is all very, very political at this point so don't pay attention until after the election. To listen to Romney last night you'd think he was a caricature of the rich, evil, industrial polluter. Really dark and Dickensian.
Were these batteries expected to compete in the marketplace with Duracell and off-brand batteries, or am I missing something here? Were they to be re-chargeable? A little more detail about the original mission and intent of the product would have been helpful in this article.
Yes, and let's not leave out the part that Democrats almost let this battery technology go to China!!!!! In the end, Obama was left with letting the Chinese have our technology, again, or, to file bankruptcy, again. Great choice Democrats: technology to China or bankruptcy. Way to go Democrats. As always.