Tag Archives: a123

Taxpayer-funded Bankrupt Fisker Sold to Chinese Wanxiang

Posted on 18 February 2014 by Ken Zino

This completely sorry story started in 2010 when DOE awarded Fisker $529 million in loans as part of an effort to help development of so-called advanced-technology vehicles. Part of the loan was for redeveloping a closed General Motors plant in Wilmington, Delaware to build a small electric car, code named Nina, that has yet to appear. Continue reading →

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Henrik Fisker Out at Fisker Automotive, the Firm He Co-Founded

Posted on 13 March 2013 by Ken Zino

Fisker Automotive announced today the resignation of its Executive Chairman, Henrik Fisker who in turn said there were disagreements with the oft-changing management team, which had three different CEOs during 2012. Fisker, a car designer by trade, had been executive chairman of the hybrid electric car company that he helped found in 2007. Continue reading →

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A123 Files Bankruptcy. Johnson Controls to Purchase its Auto Assets

Posted on 16 October 2012 by Ken Zino

A123 Systems (Nasdaq: AONE), a developer and manufacturer of nanophosphate lithium iron batteries and systems, today filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware. A123 ran out cash as demand for EVs and its batteries remains weak to almost non-existent. As part of a proposed reorganization Johnson Controls (NYSE: JCI) will supply $72.5 million in “debtor in possession” financing to support A123’s continued operations as JCI purchases parts of A123. Continue reading →

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Taxpayer Funded A123 Systems Claims Breakthrough Battery

Posted on 12 June 2012 by Ken Zino

A123 Systems (Nasdaq: AONE), a developer and manufacturer of nanophosphate lithium iron phosphate batteries and systems, today introduced Nanophosphate EXT, a new lithium ion battery technology that it claims is capable of operating at extreme temperatures without requiring thermal management. The struggling company said this morning that the new battery chemistry will significantly “reduce or eliminate the need for heating or cooling systems.” Continue reading →

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Fisker Expands Karma Battery Recall for Potential Fires

Posted on 5 June 2012 by Ken Zino

In an example of ongoing bad Karma, Fisker has told the National Highway Traffic Safety Administration that it is expanding its recall of the $102,000 Karma EV because the A123 supplied battery pack can leak coolant and start fires. Continue reading →

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