Sunday, July 08, 2012

Green Battery Maker Running Out Of Your Cash

But it might have just enough of your money to get it past the election and not embarrass Obama.
Once a high-flying green technology company, battery maker A123 Systems Inc on Friday told investors it has about five months of cash left to fund operations, adding to woes for a sector short on results and long on government loans.

The company, which received a $249 million grant from the Obama administration as part of a program to develop advanced lithium-ion batteries, said in documents filed with U.S. regulators that it "expects to have approximately four to five months of cash to support its ongoing operations" based on its recent monthly spending average.

Its shares fell almost 11 percent despite A123's announcement of moves to raise $39 million.


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