"DOE-Backed Battery Maker Files for Bankruptcy"

"In news that's sure to provide fresh fodder for Republican presidential nominee Mitt Romney ahead of his debate tonight with President Obama, an electric-car battery maker backed by a quarter-billion-dollar grant from the Obama administration filed today for bankruptcy protection."

"The company, A123 Systems Inc., received $249 million through the Department of Energy in 2009 and earned praise from Obama himself in 2010 for helping to keep jobs in the United States.

Today, DOE sought to put the best face on the bankruptcy filing by noting that A123 is working on a consolidation plan with Johnson Controls Inc. in Milwaukee to sell two Michigan manufacturing plants along with other assets."

John McArdle reports for Greenwire October 16, 2012.

SEE ALSO:

"A123 Gives Romney More Debate Ammunition" (Wall St. Journal)
 

Source: Greenwire, 10/17/2012