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SHOT/CHASER: Obama Touts More Taxpayer Dollars For “Long-Lasting Batteries” The Day After A123 Files For Bankruptcy

- October 17, 2012

SHOT: Today, At A Campaign Event In Iowa, Obama Says He Wants To Invest In "Long-Lasting Batteries." OBAMA: "The question is whether we build on the progress for the new energy source of the future. I am not going to keep giving corporate taxpayer-funded welfare to oil companies, $4 billion a year, when we could be using that money to promote wind, solar, and long-lasting batteries, and put Americans back to work right now, seeing that technology developed here in United States instead of China or Germany or some other country." (President Barack Obama, Remarks At A Campaign Event, Mt. Vernon, IA, 10/17/12)

CHASER: Yesterday, Obama-Backed A123 Systems, A Maker Of Rechargeable Lithium-Ion Batteries For Electric Cars, Filed For Bankruptcy. "A123 Systems Inc. (AONE), a maker of rechargeable lithium-ion batteries for electric cars, filed for bankruptcy after failing to make a debt payment that was due yesterday. The company listed assets of $459.8 million and debt of $376 million as of Aug. 31 in Chapter 11 documents filed today in U.S. Bankruptcy Court in Wilmington, Delaware. Chapter 11 is the section of the Bankruptcy Code used by companies to reorganize." (Dawn McCarty and Craig Trudell, "Electric Car Battery Maker A123 Systems Files Bankruptcy Papers," Bloomberg, 10/16/12)

  • In September 2010, Obama Phoned In A "Congratulations" To A123 Systems, Recipient Of A $249 Million Recovery Act Grant. "This morning, President Barack Obama called A123 Systems from the Oval Office to congratulate them on opening the nation's first manufacturing facility to mass-produce electric vehicle batteries. Today's plant opening was made possible by a $249 million Recovery Act advanced battery grant the company received last August, an award the company matched dollar-for-dollar with private capital." (President Barack Obama, Remarks By The President In A Phone Call To Recovery Act Advanced Battery Grant Recipient, A123 Systems in Livonia, MI, Washington, DC, 9/13/10)

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