Stimulus Success Story Turns Into Net Loss

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Here’s a snippit:

The latest taxpayer-funded clean energy debacle–A123 Systems, an electric car battery company–” has laid off 125 employees and had a net loss of $172 million through the first three quarters of 2011,” reports the Mackinac Center for Public Policy.

In a September 2010 Huffington Post piece, then-Governor of Michigan Jennifer Granholm hailed A123 Systems as a stimulus “success story” and defended the $390.1 million in federal and state subsidies this way:

You can see the pride in the faces of A123’s workers and hear it in their voices. They know they’re helping shape our nation’s clean energy future, and leading Michigan’s economic recovery. Half of the new hires at A123’s Livonia facility were previously unemployed.  This is a powerful demonstration of the job-creating potential of clean energy.

A123 Systems’ new Livonia facility is a Recovery Act success story.