A123 Changes Name to B456 After Sale
[Updated 3/29, see below] An interesting footnote to a big, bad bankruptcy case in the cleantech world: The former A123 Systems, which fell into bankruptcy after huge stumbles in its business, has officially changed its name to B456 Systems.
The change was noted in a filing with the SEC. In it, the company notes that the name swap was a condition of selling its former assets to Wanxiang America Corp., a U.S.-based subsidiary of a big Chinese automotive and energy firm.
Wanxiang took over the business under a newly formed company called A123 Systems LLC, different from the previous A123 Systems Inc., which was based in Waltham.
Here’s more detail on the backstory of A123’s fall from one of the leaders of a hoped-for cleantech revolution into bankruptcy court.
[Update: A123 has a new blog post about the name issue. It contends that “A123 Systems LLC” continues under Wanxiang ownership, comprising its businesses in automotive, grid energy storage, and lead acid replacement. “B456″ is the new legal name of the former A123 Systems Inc. and reflects “those elements of the company still in the bankruptcy process.” So, basically, the business is still going forward as A123. Got that?—Eds.]