Battery Manufacturer A123 Systems Files for Bankruptcy

We were aware of the fact that things over at US battery manufacturer A123 Systems were not going too well, in recent months, and after recently announcing that they may not have enough money to further fund their operations, they have now officially filed for bankruptcy.
A123 Systems 1 photo
Photo: A123 Systems
They have announced that they will be selling off all of their assets to Johnson Controls, which will provide them with $72.5-million in debtor-in-possession financing, with the goal of A123 trying to seek a new line of business where it can be profitable.

This news will also affect Fisker, as A123 was the company responsible with the manufacturing of the Karma’s lithium-ion battery pack. The automaker may now need to look elsewhere for a supplier of similar battery packs to the ones made by A123.

We are curious to see what sort of company will A123 be reborn into, and if it will still be linked to the EV or battery industries.
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