recommended reading

Battery maker with nearly $250 million in federal grants files for bankruptcy

GOLFX/Shutterstock.com

Electric car battery manufacturer A123 Systems Inc. filed for Chapter 11 bankruptcy protection Tuesday, the Wall Street Journal reports.

The Waltham, Mass., company has received nearly $250 million in federal grants and $358 million in venture funding, the article said. Milwaukee-based Johnson Controls offered to purchase two Michigan manufacturing facilities built by A123 Systems, along with assets in its automotive battery business, the Energy Department said.

Chinese auto-parts maker Wanxiang Group, which agreed earlier this year to provide A123 with as much as $465 million in loans and bonds convertible into an 80 percent stake, said it is still interested in taking over the company, according to Bloomberg.

While A123's bankruptcy has been touted as a setback for the Obama administration's efforts to foster a market for electric vehicles, Energy stressed that the firm had received bipartisan support. The company in 2007 received a $6 million dollar grant from the Bush administration, the agency highlighted.

Threatwatch Alert

Thousands of cyber attacks occur each day

See the latest threats

JOIN THE DISCUSSION

Close [ x ] More from Nextgov
 
 

Thank you for subscribing to newsletters from Nextgov.com.
We think these reports might interest you:

  • Data-Centric Security vs. Database-Level Security

    Database-level encryption had its origins in the 1990s and early 2000s in response to very basic risks which largely revolved around the theft of servers, backup tapes and other physical-layer assets. As noted in Verizon’s 2014, Data Breach Investigations Report (DBIR)1, threats today are far more advanced and dangerous.

    Download
  • Featured Content from RSA Conference: Dissed by NIST

    Learn more about the latest draft of the U.S. National Institute of Standards and Technology guidance document on authentication and lifecycle management.

    Download
  • PIV- I And Multifactor Authentication: The Best Defense for Federal Government Contractors

    This white paper explores NIST SP 800-171 and why compliance is critical to federal government contractors, especially those that work with the Department of Defense, as well as how leveraging PIV-I credentialing with multifactor authentication can be used as a defense against cyberattacks

    Download
  • Toward A More Innovative Government

    This research study aims to understand how state and local leaders regard their agency’s innovation efforts and what they are doing to overcome the challenges they face in successfully implementing these efforts.

    Download
  • From Volume to Value: UK’s NHS Digital Provides U.S. Healthcare Agencies A Roadmap For Value-Based Payment Models

    The U.S. healthcare industry is rapidly moving away from traditional fee-for-service models and towards value-based purchasing that reimburses physicians for quality of care in place of frequency of care.

    Download
  • GBC Flash Poll: Is Your Agency Safe?

    Federal leaders weigh in on the state of information security

    Download

When you download a report, your information may be shared with the underwriters of that document.