Let the bidding begin. In a few weeks, of course.

A123 Systems will likely receive offers from at least four companies when the bankrupt lithium-ion battery pack maker starts receiving bids on December 6. Johnson Controls and China-based Wanxiang Group Corp. will likely be the lead bidders, while Japan's NEC Corp. and Germany's Siemens AG may also jump into the fray, Reuters reports.

Wanxiang, which has made a confidential bid for A123, has drawn concern from US Senators John Thune of South Dakota (R) and Chuck Grassley of Iowa (R), who have asked the Committee on Foreign Investment in the United States (CFIUS) to look into the possibility of a Chinese company getting access to US military contracts. A123 has received about $130 million in US Department of Energy grant funds. A123 recently received US Bankruptcy Court permission to borrow $50 million from Wanxiang.

Meanwhile, A123 has received a $125 million bid from Johnson Controls for its automotive business, whose clients include Fisker, General Motors and BMW.

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    • 1 Second Ago
      Giza Plateau
      • 2 Years Ago
      Tragedy. Great product but fools in charge.
      • 2 Years Ago
      Funny how the republicans wanted to destroy the battery companies because they were green tech, funded by ARRA/Obama. But now they are concerned with security issues. Looks typical of our senate and house elected officials, really dishonest. They tried to destroy it, and now that someone who might actually sell the batteries is interested in buying it, they want to stop the sale. Senate republicans, defending oil, even when their specific actions are incongruous. If A123 was truly a failure they wouldn't care who owns it. The military has stated serveral times with respect to other battery companies too, that Li ion batteries are not a military secret. The military has contracts to purchase pens too, but no one fears a chinese take over of the pen industry.
        Actionable Mango
        • 2 Years Ago
        US pen assemblers probably fear a Chinese take over of the pen industry.
        • 2 Years Ago
        @ brotherkenny4 If you look at everything through the prism of your weird conspiracy theories, you will a;ways be fighting ghosts. A 123 was a commercial failure as a company. That doesn't automatically make all it's technology a failure. A123's, directors followed the correct procedure and filed Chapter 11, since A 123 still had valuable assets, and a possibility exists that A123 could be either sold as a going concern, or reorganized. Since A123 had contracts with the US military, and other valuable IP funded by taxpayer dollars, which may be valuable to the national interest, the correct procedure is to ensure that such technology remains in the US. If no such technology exists, or it can be separated from the rest of A123, the Senate has no role to play in the disposal of A123 assets. These procedures are standard issues of law, and have nothing to do with "defending oil".
      • 2 Years Ago
      The problem competing with the Chinese companies is they are a) subsidized by the Chinese government, and b) use extremely cheap labor. This is why many start up green companies in the US fail. They cannot come in cheaper than Chinese competitors. I don't know how to solve it, but hopefully someone does.
      • 2 Years Ago
      Those are some big names. With those big names wanting this company, it makes you wonder how much better a job they think they can do building the exact same batteries that A123 is currently making. If they can do it cheaper, and more reliably, that will be good for green cars.
        • 2 Years Ago
        And the massive DIY community that a123 shunned... and the not-well-known grid energy storage side (that allread makes millions)... all of the consumer devices(well dewalt did switch cell vendors)... I really wounder how and why all this is happening with A123... I hate to start to agree with the consparicy people
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