A123 Systems: Is It All Over?
In the months leading up to the bankruptcy of Ener1, the company began talking down its relationship with flailing electric car maker Think Global and talking about its opportunity in the energy grid storage business. Ener1 wrote off its investment in Think, admitted that the electric car business simply couldn't be profitable for lithium ion battery companies any time soon, and said energy grid storage was the way to go.
Ener1's ambitious CEO Charles Gassenheimer was shortly thereafter ousted.
On Thursday after the close, A123 Systems announced that it was writing off its investment in flailing electric car maker Fisker, the ballast of its growth story until now. In recent weeks, A123 CEO David Vieau has also been talking up the opportunity in the energy grid storage market.When A123 announced earlier on Thursday that it had won a contract with India's Tata to supply batteries for electric buses, TheStreet noted it would have been nice if the company also released a date for its earnings, and that any investor who bought into the 6% rally on the Tata deal should expect
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