A123 Is G-O-N-E

News came this morning that A123 has now officially been sold to the Chinese company Wanxiang. The transformation is now complete for A123—a battery maker and pet project funded through Obama’s failed stimulus.

“A U.S. government panel approved Wanxiang Group’s purchase of A123 SystemsInc., likely ending the battle between rival U.S. and Chinese auto-parts makers for control of the battery maker.

China-based Wanxiang’s U.S. subsidiary paid $256.6 million for A123’s automotive-battery business and related assets at a bankruptcy auction last month. But the Committee on Foreign Investment in the United States, a government body led by the Treasury secretary, had to sign off on the sale before Wanxiang could take control of the business. That approval came Monday night.

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Wanxiang’s successful bankruptcy bid for Massachusetts-based battery maker spurred a heated round of lobbying in Washington, with more than two dozen lawmakers and retired military officials voicing concerns that A123’s military contracts and taxpayer-funded technology could wind up in the hands of a foreign purchaser.”

What’s most shocking about this is that A123 received $249 million in stimulus funds, went bankrupt, and is now being sold to Wanxiang. Not to be lost is the fact that the President of A123 Systems donated thousands to President Obama and other Democratic candidates and their campaign committees in 2008. Even better, the CEO has closed ties to China’s Communist Party.

See for yourself with this infographic…