“A Chinese car parts maker has won the auction for bankrupt US battery maker A123 Systems, in a further success in international dealmaking for Chinese groups… In October, A123 – which was awarded a $249m grant from the US government – became the latest stimulus-backed company to file for bankruptcy, prompting a fresh round of attacks on President Barack Obama’s support for emerging energy technologies. [Financial Times]
4 thoughts on “China wins bid for bankrupt Obama-backed solar company”
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So the Obama administration invested $249M and gets $257M back 3 years later (a net earning of about 1%/annum) with a net creation of jobs of zero.
The Chinese are learning to ‘outsource’.
B.O. – try to explain THAT to the labor unions.
It sounds a little like the year the Mets traded for “a player to be named later” and gave back the player they traded for.
If I understand correctly, China has a few showpiece solar projects. Nearly all of their solar energy systems are for export, though, because wealthier nations are vain enough to want them. China wants energy that actually works, so they remain focused on coal and are looking at gas fracking.
So, BHO used money borrowed from the Chinese to fund a company that has gone bankrupt, which has been bought by the Chinese. Does this mean that BHO will declare that he made a great deal?
It makes sense… Obama is communist, so what better way to promote communism than to allow a capitalistic country to fail and let a communistic country to take it over.