Chinese billionaire to scoop up failing car battery maker that got $240M from feds

A struggling Massachusetts-based company that makes batteries for electric cars and got $240 million in stimulus money is being saved from bankruptcy by a Chinese billionaire who could move operations overseas.

A123 Systems received a $241.1-million grant from the Obama administration three years ago and more than $125 million in State of Michigan tax credits in the hopes that the company would create jobs, while leading the country away from conventional gas-guzzling vehicles and toward clean energy.  Continue reading