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Old 12-10-2012, 12:38 PM   #277
_cy_ OP
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UPDATE 1-US says will not give battery maker A123 rest of grant

The U.S. Energy Department will not give battery maker A123 the remaining half of its $249 million grant, following the company's high profile bankruptcy and acquisition by a Chinese auto parts supplier, a department official said on Monday.

China's Wanxiang Group won an auction for most of the assets of A123, which makes lithium ion batteries for electric cars.

The department official, who asked not to be named because of the proceedings are ongoing, said this had been made clear to all parties involved in bidding for A123.~

The company had received about $133 million of its $249 million grant when it filed for bankruptcy protection in October.
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