17 Oct '12, 8am

US battery maker A123 goes bankrupt – Johnson Controls to buy its automotive assets for US125 mil

Having filed for bankruptcy protection, US electric-car battery manufacturer A123 Systems is set to sell its automotive assets off to auto parts maker Johnson Controls, which will buy A123’s auto business for US$125 million. The sale includes A123′s lithium-ion battery technology, two factories in Michigan, cathode ray factories in China and an equity interest in a Chinese battery company, according to news reports. A123 supplies batteries for the Fisker Karma , and its power units were also set to feature in the upcoming Chevrolet Spark EV, which arrives in the market next year. The company also has contracts to make batteries for BMW. The battery maker has been struggling for several years, with lackluster sales of EVs in the US translating into huge losses for the company. It also ran into more trouble earlier this year after a costly recall of its batteries, the report...

Full article: http://paultan.org/2012/10/17/us-battery-maker-a123-goes-...

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