CBS News: A $250 million dollar subsidized Obama green energy company tanking fast

A123 Systems, the battery maker for the Fisker Automotive hybrid, got almost $250 million in loan guarantees from the Obama administration and is currently losing hundreds of millions each year. In fact not long after they got the loan guarantee they had to lay off over 100 workers. Things have recently gotten so rough for them lately that they are going to spend the rest of their stimulus money, around $100 million of it, not on making batteries for electric cars but on batteries for power grids:

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26 thoughts on “CBS News: A $250 million dollar subsidized Obama green energy company tanking fast

  1. I hear battery powered ICBM’s are in the works. Still having problems with liftoff thrust though. :~)

  2. On a side note, it is sad to see A123 having to lay off so many people. I met a lot of good people from there a few years ago, and back then they were working with Ford to develop their hybrid systems as well as with Ohio State’s team looking to set the electric land speed record (I had done some work with that team and met them through that).

    Ford wound up cutting some sort of deal with someone else for batteries (I think it was who ever supplies Toyoda with batteries for the prius but stand to be corrected) which made most of the A123 relation redundant, and removed their major non-government sources of funding. But that’s how the market works, and as sad as it is they were not as competitive.

    Of course our president doesn’t seem to understand that.

  3. Imagine buying a Chevy Volt and now knowing that everyone on the road looks at you as a gullible idiot that fell for another chapter of “Hope and Change”?

  4. Our tax dollars at work. The government shouldn’t subsidize private industry at all. And take a look at the Chevy Volt. How many billions of dollars did Obama and his administration invest in that? And how’s that car doing right now? GM has stopped production until further notice, which probably means they’ll never bring it back into production. More money down the “green” toilet and WE are the ones that get stuck with the bill. If an idea is good, private industry will be all over it and run it efficiently, like FedEx. If the idea is a bad one and private industry doesn’t want to touch it with a ten-foot pole, that should be a red flag for NOT investing in it. But don’t worrry, I heard that Obama has an idea for investing in another great product: 8-Track tapes! Obama and his economic advisors say it’s the new retro thing to have and that it will make a fortune. Sweeeet.

  5. This scares me. How much stimulus money did the moron Obama and the genetic refuse in his cabinet assign to the “wind-up car” industry?

  6. All I need is a car powered by a $7,000 battery that’s dead after 30 miles and I have to replace it every few years. Uh, no thanks. The idea of battery cars sounds great but in reality it’s not realistic.

    Where’s the power gonna come from? Big cities already have blackouts and the libs are at war against the coal industry that supplies 50% of our electricity. Do any of the leftist morons think before they act?

    1. Unless you are an eight-year old boy who got a battery car from his grammy to celebrate his first week with a dry mattress.

      Bring in the clowns!

    2. I watched an interesting video from TED talks and a guy was talking about swapping fully charged batteries at fueling stations instead of waiting to charge up. This is the most practical idea I’ve heard. The issue came when he went into the wonder of earth-friendly solar farms filling those batteries. Till they get THAT part sorted, it’s a coal powered car.

      Personally, I think the future is like the earth-friendly dreams the Utopia that the Libs try to sell. It really is a beautiful idea. The problem is in pushing us into it when we aren’t ready. The problem is using it as a cover to move money around.

      Drill now, drill often, let the oil companies make profits and employ more workers. Let’s invest in clean energy from a position of strength and financial security.

      1. No doubt. Drill baby drill !!! The notion that destroying the oil industry will force the birth of a clean, alternative energy is nothing but pipe dreams. How about we find the alternative before we destroy our lifeline?

        1. Preeeecisely. But it’s not about a sound plan…it’s about a wholesale transfer of money and power, all under the guise of “green” technology.

          The government used to turn the hoses on the hippies. Why did they join their cause? Because they found it was a good way to make money and look like a hero of the planet in the process.

          1. Yeah, a way to steal tax payers’ money for global welfare and seemingly look like heroes in the process.

      2. You will notice that in all of those TED green energy “lectures” they never manage to get an actual real world engineer. Nothing but theories on TED …

        1. Yeah. It really is a beautiful theory. It would be wonderful if it actually, you know, worked.

          I just don’t want to see us Conservatives being the ones who are AGAINST new, clean energy technology. I think if it works in a free market system, then it proves that it has merit. Anything else is just a theory.

  7. Maybe throwing more green at the green will work… yeah and maybe wild monkeys might fly out of my butt.

    Obama should simply resign due to his incompetence and ignorance. How anyone can vote for this fool is beyond me.

    I feel bad for the jobless workers who are suffering.

    1. I understand why people voted for him the first time, I really do get it. They were foolish, but it’s like the thirsty voters drinking the sand (“The American President” movie reference.)

      What I do NOT understand is what he’s done that will get people to vote for him a second time. The only shot he’s got is that Romney has all the energy and spunk of a wet towel.

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