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  • A123 Systems Won't Get Rest of Federal Grant if Owned by Chinese Company

    12/12/2012 10:12:12 AM PST · by Ernest_at_the_Beach · 10 replies
    Daily Tech ^ | December 11, 2012 11:24 AM | Tiffany Kaiser
      (Source: inautonews.com) A123 could lose the rest of its $249 million grant We can put this under the "Duh" files: A123 Systems won't receive the remaining amount of its federal grant if Wanxiang Group is approved as the new owner. According to Reuters, which spoke to an unnamed official from the U.S. Department of Energy (DOE), the DOE will cut A123 off from its $249 million grant the company received in 2009. A123 has only used $133 million of the grant so far. The official, who noted that all parties were aware of this consequence during last weekend's auction of A123, said...