Electric car manufacturer Fisker Automotive received a fraction of what it sought in a lawsuit against its former battery manufacturer in a settlement in a Delaware court on Wednesday, the Associated Press reported.
Fisker Automotive, the green carmaker that received more than a $100 million in federal government loans, is preparing to file for bankruptcy protection and could do so as early as the next week.
Fisker Automotive announced today that it would cut 75 percent of its workforce after failing to secure a deal an investor, reports Bloomberg.
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.
After bankruptcy, a buyout by a Chinese firm, and more than a hundred million dollars in taxpayer money, the lithium-ion battery maker A123 Systems, Inc., is getting a new name: B456 Systems, Inc.
A $25 billion Department of Energy loan program responsible for federal investments in automotive companies like the struggling carmaker Fisker has not closed a loan in two years.
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.
The sale of bankrupt electric-car battery maker A123 to Chinese firm Wanxiang America has been approved by the necessary interagency panel.
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.