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A123 Files Bankruptcy. Johnson Controls to Purchase its Auto Assets
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
Posted in auto news, electric vehicles, financial results, news analysis, results
Tagged a123, auto informed, autoinformed.com, automotive news, doe loans, EVs, fisker, Ken Zino, taxpayer subsidies
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Taxpayer Funded A123 Systems Claims Breakthrough Battery
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
Penske Automotive Adds a Fisker Dealership in Arizona
Penske Automotive Group is opening the first Fisker dealership in Arizona – Fisker of Scottsdale. The addition of the new Arizona outlet bring to 80 the number of independent retail locations in the US, Canada and Europe selling Fisker EVs. The Karma model is sold through 48 outlets in North America, and will soon be distributed for the first time in China and the Middle East following new retail agreements. Continue reading
