A mirror manufacturer for solar energy projects that has received financial help from the federal government has gone bankrupt, a development that could affect current solar projects that have also received help from the federal government.
Republicans are considering a new push against what they say are wasteful “green” subsidies in light of news that a recipient of a major stimulus grant for electric vehicle batteries paid workers to watch movies and play games while failing to produce a single battery.
Ten years worth of advanced American technology could pass from the United States to China if the sale of A123 is allowed to go through, Fox News reported.
The House Armed Services Committee said it is closely monitoring the pending sale of bankrupt battery-maker A123 Systems to a Chinese firm due to national security concerns.
China’s purchase of a United States high-technology battery maker will boost Beijing’s military forces and satellites and threaten the security of U.S. electrical power and communications grids, according former national security officials.
The collapse of a government-subsidized battery manufacturer has caused the production of a government-subsidized electric car company to halt, raising questions about the government’s wisdom in supporting the two companies.
President Barack Obama appears to be doubling down on his policies of using taxpayer money to finance green energy investments despite an increasingly spotty track record.
President Obama is touting his energy policies during the debate, but his policies have been to subsidize companies that go bankrupt, like A123.