battery maker a123 sold at auction to chinese firm - battery energy storage system

Wanxiang Group, a Chinese auto parts maker, has agreed to buy battery maker A123 Systems for $256.
6 million Sunday, waiting for US approvalS.
Bankruptcy Court and Federal government
A123 manufactures lithium-ion batteries and storage systems for utilities and transportation.
The deal ended the ownership roller coaster in Waltham, Massachusetts.
Headquartered in A123, it began in August when Wanxiang agreed to hold a 80% stake in the troubled company.
A123 CEO David Vio said in a statement at the time that the investment deal broke down due to accidents and major challenges.
A few weeks later, A123 filed for bankruptcy and the battery giant Johnson Controls offered an offer. (
See related story: bankruptcy of battery maker a123 highlights obstacles to clean technology
But in the end, Wanxiang outbid Johnson Controls and two other companies. S. -
Based on subsidiaries.
We are committed to making the long-term-
Pin Ni, president of Wanxiang United States, said the regular investment needed for A123 to succeed.
Critics of Wan Xiang's investment in A123 noted concerns about unemployment and national security.
This is the latest in a seemingly continuous and predictable supercascade. sized clean-
Unfortunately, the failure to commercialize technology has lost our key national technological and intellectual property advantages to China and other economic competitors. In the Washington Post.
However, Wanxiang and A123 told The Washington Post that Wanxiang will continue to operate the US business and will not transfer these jobs overseas.
A123 has about 1,000 employees in the United States. The agreed-
The price of $256.
A123's milion is roughly the same amount of government grants that the company has received over the past few years. (
See: a123 bankruptcy by number
However, the acquisition does not include contracts with the United States. S.
The government, including military contracts.
These were acquired by Woodridge, Illinois.
Navitas system for $2. 25 million.
The A123 agreement is part of a wave of Chinese investment in North American energy companies.
Canada approved the $15 on Friday.
1 billion China national oil and gas producer Nexen-owned CNOOC. Â (
See related blog posts: China's investment in North American energy (2012)