And you’ll never guess what it is!
Don’t remember A123? No wonder. So many federally funded “green” boondoggles have gone bankrupt during the Obama administration, A123 has gotten lost in the shuffle. Here’s a reminder. As Michael Bastach reported last October:
Taxpayer-backed electric battery manufacturer A123 Systems filed for Chapter 11 bankruptcy protection after failing to pay a debt payment due yesterday.
A123 Systems received a $249.1 million federal grant in 2009 from the Department of Energy as part of President Barack Obama’s stimulus program. The company also received more than $100 million in grants and tax credits from the State of Massachusetts.
However, the company was heavily indebted and suffered losses every quarter since 2008.
So what? It’s not their money.
You just can’t stop good ol’ American ingenuity and can-do spirit. Here’s the latest on A123 from the Washington Free Beacon:
After bankruptcy, a buyout by a Chinese firm, and more than a hundred million dollars in taxpayer money, the lithium-ion battery maker A123 Systems, Inc., is getting a new name: B456 Systems, Inc.
A123, which produces batteries used in electric cars, has changed its name to B456, the company announced Thursday in a regulatory filing…
The Department of Energy awarded A123 a $249 million grant in 2009, of which the battery maker had received $133 million when it filed for bankruptcy.
But that was A123. Now it’s B456. A fresh new start! Things will be different this time. You’ll see, America.
Have fun paying your taxes, suckers.
(Hat tip: Twitchy)
— Craig S. Bell (@craig_s_bell) March 29, 2013