Tag: A123 Systems

A Michigan-based company slated to produce lithium-ion polymer batteries for electric vehicles has instead kept production overseas, has failed to meet job targets outlined in a $150 million grant from the federal government, and has been reimbursed by the government for $842,000 in wasted work time, according to a U.S. Department of Energy Special Report released Wednesday.

The DOE says Holland, Mich.-based LG Chem Michigan misused part of a $150 million in American Recovery and Reinvestment Act funds and has decided not to shift production from its plant in South Korea to Michigan. It painted a stark picture of wasted U.S. federal dollars.

"Until the shift in production takes place or some alternative use for the plant is developed, U.S. taxpayers will receive little direct benefit from a plant for which they provided up to half of the funding," the report said.

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The DEQ recently was recognized by an International environmental group for its pollution prevention efforts.

The department was a 2012 North America Gold winner of the International Green Apple Award for Environmental Best Practices by The Green Organisation, an independent, non-political, non-profit organization that recognizes, rewards, and promotes environmental best practices around the world.

How do you like them apples?  Nothing like the cost savings associated with keeping the incredibly expensive global green hoax alive with such not-ready-for-primetime ideals that are rewarding subsidy to foreign nations, or are being bought by Communists for pennies on the US taxpayer Dollar.

Continually feeding us the economic benefit angle of government intervention in free markets, leaders love to pad the wallets of their best buds in industry. To do so requires a "cause" however,as simply jacking the public treasury for personal gain is abhorrent to those on BOTH sides of the political divide. Climate change has become one of the easiest causes to gather around, because the science is so ambiguous, its been simply easier for governments to act and perhaps err on the side of caution.

So we promote and enhance business models that are designed to combat climate change with other peoples' money. Also included in these 'causes' is the argument that "new jobs are created" with the development of such technology.  Such was the case with A123 Systems:

"In 2009, A123 received millions in federal and state funds, for the creation of jobs for Michiganders. Taxpayers  unwillingly, or unwittingly saw their paychecks shrink for promises never realized, and now they may have ultimately subsidized a technology transfer to a competing world power."

But the cherry in the pie is something even more disturbing.  Adding insult to injury, the failure to produce promised results for taxpayer paid incentives and gratuity is now lining the pockets of the failed executives who apparently understand private public partnerships better than the rest of us.

Its a place where only the taxpayer loses:

"The top executives who presided over its failure - and supported the president's cap-and-tax initiatives early in his term - are likely to receive millions of dollars in bonuses, thanks to their scheming earlier this year and a bankruptcy court judge."