Otro Solyndra mas en visperas del debate...

Es increible ver como esta administracion le ha metido dinero a toda una gama de fracasos garrafales en materia de industrias verdes... Verdes han sido para los que se embolsicaron los dineros del erario publico... Esa beca de $250,000,000.00 es como haber usado ese dinero para una fogata...

http://www.boston.com/businessupdates/2012/10/16/systems-expects-default-some-debt/D9Pxwswc8nuG9dqhKFkLwM/story.html
A123 Systems files for bankruptcy
10/16/2012 3:06 PM
By Erin Ailworth, Globe Staff


Waltham lithium ion battery maker A123 Systems Inc. filed for bankruptcy protection in a Delaware federal court Tuesday, saying it was calling off a major deal with a Chinese auto parts conglomerate that was expected to save the firm, and announcing it would sell its auto-related assets to another US battery maker.

It’s a stunning fall for an alternative energy company once viewed by the administrations of President Barack Obama and Governor Deval Patrick as a key component of a clean-energy driven economy. The US Department of Energy pumped hundreds of millions of dollars into A123, including a nearly $250 million grant to build an automotive battery plants in Michigan.

The bankruptcy quickly became an issue in the presidential election. The campaign of former Massachusetts Governor Mitt Romney stepped up its attacks on both Obama’s energy and economic policies, noting Obama had pledged to create 5 million green energy jobs when he ran in 2008.

“ A123’s bankruptcy is yet another failure for the President’s disastrous strategy of gambling away billions of taxpayer dollars on a strategy of government-led growth that simply does not work,” Andrea Saul, a spokeswoman for Republican presidential nominee and former Massachusetts governor Mitt Romney. “While the President has said he would ‘double down’ in a second term, Governor Romney will return the federal government’s focus to its proper role supporting research and creating an environment where private sector innovation can thrive.”

Obama administration officials did not immediately respond to requests for comment.

A123’s bankruptcy follows the failure of several other high profile clean energy companies, including California solar panel maker Solyndra LLC, which received more than $500 million in federal support.

The Waltham company’s decline was a result of the slower-than-expected adoption of hybrid and electric vehicles as the economy struggled in recent years and crude oil prices moderated. In recent months, A123 tried to shift its product line further away from autos, expanding into power storage for utilities and other markets.

But it was too late for a company that analysts said was fighting for survival, balanced on a knife’s edge.

“AOne sold the majority of its products at a gross loss, meaning it cost AOne more to make the product than it could sell it for,” said Andrea James, a senior research analyst who followed the A123 for Dougherty & Co. LLC in Minneapolis.. “It does no good to be an industry leader in a money losing business.

For months, A123 had warned investors that it was in danger of running out of cash. But, in August, it seemed it would be rescue after it struck a $465 million deal with Wanxiang Group, a Chinese autoparts conglomerate that has invested heavily in US technology. Wanxiang could have ended up owning a controlling interest in the company.

That deal, however, ended with g A123’s bankruptcy filing. Instead, A123 said it has entered into an asset purchase agreement with Johnson Controls Inc., which has also received hundreds of millions in federal grant money to build its battery business.

In a transaction valued at $125 million, Johnson Controls plans to acquire A123’s automotive business assets, including its plants in Livonia and Romulus, Mich.

“We determined not to move forward with the previously announced Wanxiang agreement as a result of unanticipated and significant challenges to its completion,” A123 chief executive David Vieau said in a statement Tuesday.

A123 declined further comment. In early summer the company employed 2,400 people globally -- including nearly 400 in Massachusetts. A company spokesman would not say how many of those employees remained, or how many layoffs might come as a result of the bankruptcy filing and Johnson Controls deal.

In 2009, A123 held an initial public stock offering, raising about $380 million with its initial stock offering. Also in 2009, A123 received a $249.1 million grant from the US Department of Energy to build battery manufacturing operations in Michigan.

At its peak in 2009, A123 stock traded above $25 a share. Shares were trading a 6 cents Tuesday afternoon.


Ahi lo tienen... Mas de $600 millone de dolares a la basura... y Obama... Callao!

http://www.ft.com/intl/cms/s/0/67167ca4-19e1-11e2-a379-00144feabdc0.html#axzz29kZTY3Xg
Pre-tax profits were $4.03bn in the three months to September, on revenues up 3 per cent at $36.3bn.

Ironicamente, en el reportaje aparece:

La empresa reiteró que su plan era que GE Capital se convirtiera en un negocio “mas pequeño y enfocado”, pero como definido por GE continuo proveyendo el 32 porciento de las utilidades del grupo ; al igual que lo hizo en el tercer trimestre del 2011.

Interesante desarrollo de la empresa administrada por el zar de empleos del Presi....

Paa los que no saben de a cuanto es la factura verde de los Solyndra's de Obama...

http://www.wnd.com/2012/10/obamas-green-energy-handouts-costing-billions/


Obama's green energy handouts costing billions
'Extent of its failure has been largely ignored by the press'
Published: 19 hours ago
Solyndra? That’s where taxpayers lost hundreds of millions of dollars after the Obama administration handed out money and the company took it and went out of business.

But how about Evergreen Solar? Or Beacon Power? Or EnerDel subsidiary Ener1?


In fact, a new report from the Heritage Foundation says, “So far, 36 companies that have received federal support from taxpayers have either gone bankrupt or are laying off workers and are heading for bankruptcy.”

“It is no secret that President Obama’s and green-energy supporters’ (from both parties) foray into venture capitalism has not gone well. But the extent of its failure has been largely ignored by the press. Sure, single instances garner attention as they happen, but they ignore past failures in order to make it seem like a rare case,” the report said.

“The truth is that the problem is widespread. The government’s picking winners and losers in the energy market has cost taxpayers billions of dollars, and the rate of failure, cronyism, and corruption at the companies receiving the subsidies is substantial. The fact that some companies are not under financial duress does not make the policy a success. It simply means that our taxpayer dollars subsidized companies that would’ve found the financial support in the private market,” the report said.

The report, by Ashe Schow, said, “The problem begins with the issue of government picking winners and losers in the first place. Venture capitalist firms exist for this very reason, and they choose what to invest in by looking at companies’ business models and deciding if they are worthy. When the government plays venture capitalist, it tends to reward companies that are connected to the policymakers themselves or because it sounds nice to ‘invest’ in green energy.”

The report noted the $80 billion set aside in the 2009 stimulus to fund politically preferred energy projects, and documented “at least 10 percent has gone to companies that have since either gone bankrupt or are circling the drain.”

Among those commenting on the report were several who objected to Obama’s actions.

“This guy has broken the sound barrier wasting taxpayers’ money,” said “belleboy.”

And Falcon said, “He’s demonstrated he has no clue how economics work.”

The companies cited were: (Money listed is how much was offered, and does not include other state, local or federal tax credits and subsidies. Asterisk notes that the company has filed for bankruptcy)

1.Evergreen Solar ($24 million)*
2.SpectraWatt ($500,000)*
3.Solyndra ($535 million)*
4.Beacon Power ($69 million)*
5.AES’s subsidiary Eastern Energy ($17.1 million)
6.Nevada Geothermal ($98.5 million)
7.SunPower ($1.5 billion)
8.First Solar ($1.46 billion)
9.Babcock and Brown ($178 million)
10.EnerDel’s subsidiary Ener1 ($118.5 million)*
11.Amonix ($5.9 million)
12.National Renewable Energy Lab ($200 million)
13.Fisker Automotive ($528 million)
14.Abound Solar ($374 million)*
15.A123 Systems ($279 million)*
16.Willard and Kelsey Solar Group ($6 million)
17.Johnson Controls ($299 million)
18.Schneider Electric ($86 million)
19.Brightsource ($1.6 billion)
20.ECOtality ($126.2 million)
21.Raser Technologies ($33 million)*
22.Energy Conversion Devices ($13.3 million)*
23.Mountain Plaza, Inc. ($2 million)*
24.Olsen’s Crop Service and Olsen’s Mills Acquisition Company ($10 million)*
25.Range Fuels ($80 million)*
26.Thompson River Power ($6.4 million)*
27.Stirling Energy Systems ($7 million)*
28.LSP Energy ($2.1 billion)*
29.UniSolar ($100 million)*
30.Azure Dynamics ($120 million)*
31.GreenVolts ($500,000)
32.Vestas ($50 million)
33.LG Chem’s subsidiary Compact Power ($150 million)
34.Nordic Windpower ($16 million)*
35.Navistar ($10 million)
36.Satcon ($3 million)*
The total? More than $10 billion.

Previously, it was reported A123, the maker of electric car batteries, sought bankruptcy to allow “the company to provide for an orderly sale of the automotive business assets and and all other assets and business units,” the company said.

About the same time, the Washington Times found a series of emails from solar power giant BrightSource Energy Inc. showing how the company “applied political pressure and used behind-the-scenes cajoling to win a $1.6 billion loan guarantee.”

And the IRS has argued regarding Solyndra that the bankruptcy plan “amounts to little more than an avenue for owners of an empty corporate shell to avoid paying taxes.”

“The undeniable conclusion is that tax benefits drive this plan,” attorneys for the IRS told the bankruptcy court.