Slashdot Mirror
Chinese Firm Wins Bid For US-Backed Battery Maker
theodp writes "On September 13, 2010, President Obama called A123 Systems from the Oval Office to congratulate them on opening the nation's first manufacturing facility to mass-produce electric vehicle batteries, which the White House noted was made possible by a $249 million Recovery Act grant the company received the prior August. 'When folks lift up their hoods on the cars of the future,' the President said, 'I want them to see engines and batteries that are stamped: Made in America. And that's what you guys are helping to make happen.' But on Saturday, the assets of A123 Systems were auctioned off to the Wanxiang Group, a large Chinese auto parts maker. Wanxiang agreed to pay $256 million for A123's automotive and commercial operations, including its three factories in the United States. Forbes reports that A123's stock, which closed at 7 cents a share on Friday, is now worthless."
I have to admit that I'm irritated that as a US taxpayer my pocket was picked to redistribute $250 million to a company now owned by China.
If we add that A123 is the sole provider of batteries for the Fisker Karma, would you start to care? That A123 is a provider of MW-scale batteries to AES Corp, for use in windfarm smoothing and grid services?
I would have preferred that the government not gotten in the business of payouts to its campaign contributors, but elections have consequences. Usually corrupt consequences, but what can you do.
There was an engineering professor in California named Terman who taught his students that they shouldn't just study the technology, they should also look at how to start a business, and keep their eyes out for opportunities.
Two of his students were Hewlett and Packard.