0

A123 Systems is back into the spotlight and taking steps to focus on transportation batteries. The company announced March 24 an agreement to divest of its grid storage business and other assets related to energy storage for telecom and IT data storage applications. The company describes itself as a developer and manufacturer of advanced Nanophosphate […]

+ Read More
0

Fisker’s saga is far from over and businessmen around the world are hovering over its Karma. We heard news not long ago that Detroit-based VL Automotive, in which ex-GM executive Bob Lutz is involved, is planning on selling V8-powered Fisker-bodied vehicles. According to news agency Reuters, VL Automotive is partnering with China’s Wanxiang Group with […]

+ Read More
0

It looks like the A123 acquisition saga by Shanghai-based Wanxiang Group is coming to an end with today’s ruling from the U.S foreign investment committee. Wanxiang America Corporation has received approval from the Committee on Foreign Investment in the United States (CFIUS) to complete its acquisition of substantially all of the non-government business assets of […]

+ Read More
0

In light of several setbacks, Fisker Automotive is weighing options of seeking funding from Chinese auto interests, and reportedly hasn’t assembled any of its extended-range electric Karma sedans in the past six months. According to Reuters, one of the Chinese firms is Wanxiang Group, the company that in December won an auction for bankrupt U.S. […]

+ Read More
0

The saga of A123 Systems’ sale to Chinese Wanxiang is still making waves. The Strategic Materials Advisory Council (SMAC) unveiled on Jan. 3 a myths/facts paper on the issue. The SMAC as well as dozen of Republican and Democratic members of Congress say they are “deeply concerned by the economic and national security implications of […]

+ Read More
0

The A123 Systems saga is far from over as Johnson Controls objects to delay in payment of break-up fee and expense reimbursement. On Dec. 17, Johnson Controls filed an appeal in bankruptcy court of the Dec. 11, 2012 sale order approving Wanxiang’s purchase of A123 Systems. As part of the sale order, the court ordered […]

+ Read More
0

Johnson Controls is opting out of the planned acquisition of A123 assets. Johnson Controls said Dec. 9 it officially withdrew from the bankruptcy auction to acquire portions of A123 Systems when it declined to match a higher bid submitted by Wanxiang. Subsequently A123 representatives have announced they selected Wanxiang’s bid of $257 million as the […]

+ Read More