Thursday, December 13, 2012

Chinese company distance nabs battery manufacturer A123

Joseph Szczesny, the Detroit Bureau
Mega supplier Johnson Controls withdrawn its offer for the bankrupt has accordingly higher, after a decline in battery manufacturer of A123 systems $256,6 million bid is issued, by the Chinese company Wanxiang Group Corp.

JCI originally appeared much control over the vehicle part of the A123 - landed to be, but the agreement was sunk in the insolvency proceedings - even though it leaves some national security concerns. Meanwhile, A123 will buy Navitas Illinois systems Government business, including all existing military contracts for $2.25 million.

A123 is currently the main supplier of batteries for Fisker, who has seen that interrupted its deliveries, because the company bankruptcy filed in October. The battery manufacturer other customers include General Motors an A123 Pack in his new electric car Chevrolet spark EV will use.

The final sale to Wanxiang, was already something of an uncertain free until now, is subject to approval by the bankruptcy court. December 11, 2012 a hearing is currently scheduled. Sale to Wanxiang is subject to review by the Committee on foreign investment in the United States and required of the approval of the U.S. Government. Timing for such review and approval is not known at this time.

But there are some concerns about the deal, Congressman Bill Huizenga, a Michigan Republican warning system is a "thin line between Wanxiang and the Chinese Government." So he said in a statement, "worried about the Government of China I access to sensitive technologies by our armed forces is used."

Share of sales with military and government operations of Navitas to A123 officials say they hope to soothe such concerns.

"Reports by other parties, that our proposal involved a loss of jobs in Michigan are inaccurate," added Molinaroli."During A123?s automotive and State-owned assets were in addition to the portfolio of Johnson Controls and our long-term goals the Wanxiang was aligned, offer the value of these assets to Johnson Controls,"said Alex Molinaroli, President, Johnson controls power solutions.

Johnson Controls was the first in the world, lithium-ion batteries produce vehicles for mass production, and was also the first U.S. plant to produce complete LIon battery cells and packs for hybrid and electric vehicles, in Holland, Michigan the company recently memory as one of the industry's leading the Joint Center of energy research for $120 million energy research hub of Argonne National Lab made and funded by the U.S. Department of energy named.

Johnson Controls DOE under the American recovery and Reinvestment Act, a $299 million grant matching build domestic production capacity for advanced batteries for hybrid and electric vehicles was awarded in 2009.

A123, meanwhile, was a finalist in the bidding process for GM Chevrolet-plug-in hybrid, and had a number of other projects after the defeat of the Treaty against South Korea SG Chem. lined up but A123 short-circuited the slow start of the battery car market the business plan despite the injection of a loan of the Federal Republic.

In the past month, A123 got approval use $50 million of debtor in possession of Wanxiang financing. The funding complements the pre petition $22.5 million liquidity and letter of credit support provided the Wanxiang A123 available.

"We are pleased that the Court of A123 has granted preliminary approval of the DIP financing agreement," said Dave Vieau, A123 Chief Executive Officer.""The DIP funding allows A123 operate our company and provides additional operational and financial stability to continue the transaction as we."

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