A123's deadline to spend $249 million grant extended through 2014
A123, the lithium-ion battery-pack maker for companies such as Fisker Automotive and General Motors, has received a two-year extension on its deadline to spend a $249 million grant from the federal government on a proposed battery plant in Michigan, according to an SEC filing.
The Massachusetts-based company reached an April 5 agreement with the U.S. Department of Energy (DOE) for its spending deadline to be extended to Dec. 2, 2014. Through the end of last year, A123 had received $127 million in DOE funds, and the company is required to match DOE funding dollar for dollar.
A123 has picked up at least three new battery-making contracts this year. Tata Motors, India's biggest automaker, last month said A123 will make battery-packs for hybrid-electric buses. Earlier this year, A123 said it would make batteries for BMW's 3-series and ActiveHybrid 5-series hybrid-electric vehicles as well as for the new Via extended-range plug-in hybrid trucks.
Last year, A123's net loss widened 69 percent from a year earlier to $257.7 million. Still, sales for the company, which has never been profitable, jumped 64 percent to $159.1 million.
- Most and least efficient car companies
- Fastest-depreciating cars in the United States
- Find and compare 2017 Models