Post by jeffolie on Jul 7, 2012 11:06:57 GMT -6
A123 has 5 mo. cash...doomed? $249 million grant wasted?
A123 future as a battery maker for electric cars seems doomed, while its stock price of $1.16 now is down from its IPO of 20 in 2009...not yet trading below $1.00
===========================
[The Truth About Cars Blog]
Your Tax Dollars At Stake: Battery Maker A123 Running Out Of Runway
July 7, 2012
The irrational electrification exuberance claims another victim: Battery maker A123 Systems Inc is running out of money. A lot of it is your money. Says Reuters:
“The company, which received a $249 million grant from the Obama administration as part of a program to develop advanced lithium-ion batteries, said in documents filed with U.S. regulators that it “expects to have approximately four to five months of cash to support its ongoing operations” based on its recent monthly spending average.”
Reuters views A123′s issues as “a reminder of the struggles for a U.S. electric-vehicle industry still in its infancy and dealing with lower-than-projected demand.”
The wire service calls President Barack Obama’s goal of getting 1 million battery-powered vehicles on the road by 2015 “a target that is looking increasingly unrealistic.”
America’s best-selling plug-ins, the Volt, the plug-in Prius and the Nissan Leaf jointly sold 2,990 units in June. They were out-sold by a small sports car targeted at drifters, the Toyobaru hachi-roku, which sold 3,502 units in June.
www.thetruthaboutcars.com/2012/07/your-tax-dollars-at-stake-battery-maker-a123-running-out-of-runway/
=======================
A123 Systems, Inc. (AONE)
-NasdaqGS
1.16 -0.14(-10.77%) Jul 6,
Headlines
Filter Headlines.
•A123's cash burn another black eye for green techReuters(Fri, Jul 6)
•Toyota FACES Hybrid Ford Battle and 4 Auto Stocks Swerveat Wall St. Cheat Sheet(Fri, Jul 6)
•Battery maker A123 to raise about $39 millionat Reuters(Fri, Jul 6)
•UPDATE 1-A123 to raise $9 mln, get access to $30 mlnat Reuters(Fri, Jul 6)
•A123 SYSTEMS, INC. Files SEC form 8-K, Entry into a Material Definitive Agreement, Other Events, Financial StatementsEDGAR Online(Fri, Jul 6)
•InPlay: A123 Systems announces satisfaction of conditions for release of $30 mln of restricted cash; co announces registered direct offering of common stock and warrantsBriefing.com(Fri, Jul 6)
•A123 Systems Announces Satisfaction of Conditions for Release of $30 Million of Restricted CashGlobeNewswire(Fri, Jul 6)
•A123 Systems Announces Registered Direct Offering of Common Stock and WarrantsGlobeNewswire(Fri, Jul 6)
•A123 SYSTEMS, INC. Files SEC form 8-K, Amendments to Articles of Inc. or Bylaws; Change in Fiscal Year, Submission ofEDGAR Online
finance.yahoo.com/q?s=AONE
=======================
A123 Systems (NASDAQ: AONE)[1] develops and manufactures advanced lithium-ion (lithium iron phosphate) batteries and battery systems for the transportation, electric grid and commercial markets. The company has about 2,500 employees globally and is headquartered in Waltham, Massachusetts.[2] The company was founded in 2001 by Dr. Yet-Ming Chiang, Dr. Bart Riley and Ric Fulop. The company's nanophosphate technology is built on nanoscale materials initially developed at the Massachusetts Institute of Technology.
The company received US$249 million in grant from the Department of Energy for building battery production facility. As of June 2012, $129M of the grant has been used to build the 550 MWh Livonia plant and the Romulus plant. Remaining untapped $120M grant's expiry date has been extended from end of 2012 to end of 2014.[3] The company laid off 125 workers in December of 2011 as demand for partner Fisker's automobiles has been slack
Batteries recall
In early 2012, the company announced to replace defective battery packs and modules supplied to about five customers, including Fisker Automotive. The defect caused a Fisker Karma to shut down in a Consumer Reports test. It estimated the recall would cost about US$55 million. Fisker reduced its purchase order of battery from the company to lower its inventory. Cylindrical cells made in China that are used by BMW and others are not affected.[
The company has invested in Fisker Automotive's Karma with Ace Investments and Kleiner Perkins Caufield & Byers.
The company has formed a joint venture with Shanghai Automotive to manufacture its batteries in China.
en.wikipedia.org/wiki/A123_Systems
A123 future as a battery maker for electric cars seems doomed, while its stock price of $1.16 now is down from its IPO of 20 in 2009...not yet trading below $1.00
===========================
[The Truth About Cars Blog]
Your Tax Dollars At Stake: Battery Maker A123 Running Out Of Runway
July 7, 2012
The irrational electrification exuberance claims another victim: Battery maker A123 Systems Inc is running out of money. A lot of it is your money. Says Reuters:
“The company, which received a $249 million grant from the Obama administration as part of a program to develop advanced lithium-ion batteries, said in documents filed with U.S. regulators that it “expects to have approximately four to five months of cash to support its ongoing operations” based on its recent monthly spending average.”
Reuters views A123′s issues as “a reminder of the struggles for a U.S. electric-vehicle industry still in its infancy and dealing with lower-than-projected demand.”
The wire service calls President Barack Obama’s goal of getting 1 million battery-powered vehicles on the road by 2015 “a target that is looking increasingly unrealistic.”
America’s best-selling plug-ins, the Volt, the plug-in Prius and the Nissan Leaf jointly sold 2,990 units in June. They were out-sold by a small sports car targeted at drifters, the Toyobaru hachi-roku, which sold 3,502 units in June.
www.thetruthaboutcars.com/2012/07/your-tax-dollars-at-stake-battery-maker-a123-running-out-of-runway/
=======================
A123 Systems, Inc. (AONE)
-NasdaqGS
1.16 -0.14(-10.77%) Jul 6,
Headlines
Filter Headlines.
•A123's cash burn another black eye for green techReuters(Fri, Jul 6)
•Toyota FACES Hybrid Ford Battle and 4 Auto Stocks Swerveat Wall St. Cheat Sheet(Fri, Jul 6)
•Battery maker A123 to raise about $39 millionat Reuters(Fri, Jul 6)
•UPDATE 1-A123 to raise $9 mln, get access to $30 mlnat Reuters(Fri, Jul 6)
•A123 SYSTEMS, INC. Files SEC form 8-K, Entry into a Material Definitive Agreement, Other Events, Financial StatementsEDGAR Online(Fri, Jul 6)
•InPlay: A123 Systems announces satisfaction of conditions for release of $30 mln of restricted cash; co announces registered direct offering of common stock and warrantsBriefing.com(Fri, Jul 6)
•A123 Systems Announces Satisfaction of Conditions for Release of $30 Million of Restricted CashGlobeNewswire(Fri, Jul 6)
•A123 Systems Announces Registered Direct Offering of Common Stock and WarrantsGlobeNewswire(Fri, Jul 6)
•A123 SYSTEMS, INC. Files SEC form 8-K, Amendments to Articles of Inc. or Bylaws; Change in Fiscal Year, Submission ofEDGAR Online
finance.yahoo.com/q?s=AONE
=======================
A123 Systems (NASDAQ: AONE)[1] develops and manufactures advanced lithium-ion (lithium iron phosphate) batteries and battery systems for the transportation, electric grid and commercial markets. The company has about 2,500 employees globally and is headquartered in Waltham, Massachusetts.[2] The company was founded in 2001 by Dr. Yet-Ming Chiang, Dr. Bart Riley and Ric Fulop. The company's nanophosphate technology is built on nanoscale materials initially developed at the Massachusetts Institute of Technology.
The company received US$249 million in grant from the Department of Energy for building battery production facility. As of June 2012, $129M of the grant has been used to build the 550 MWh Livonia plant and the Romulus plant. Remaining untapped $120M grant's expiry date has been extended from end of 2012 to end of 2014.[3] The company laid off 125 workers in December of 2011 as demand for partner Fisker's automobiles has been slack
Batteries recall
In early 2012, the company announced to replace defective battery packs and modules supplied to about five customers, including Fisker Automotive. The defect caused a Fisker Karma to shut down in a Consumer Reports test. It estimated the recall would cost about US$55 million. Fisker reduced its purchase order of battery from the company to lower its inventory. Cylindrical cells made in China that are used by BMW and others are not affected.[
The company has invested in Fisker Automotive's Karma with Ace Investments and Kleiner Perkins Caufield & Byers.
The company has formed a joint venture with Shanghai Automotive to manufacture its batteries in China.
en.wikipedia.org/wiki/A123_Systems