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A123 Systems receives interim court approval of $50M DIP financing from Wanxiang; responds to objections from Wanxiang, Fisker and others on asset sales process

Green Car Congress

announced that the United States Bankruptcy Court for the District of Delaware (the "Court") has granted A123 interim approval to use $50 million of Debtor-in-Possession (DIP) financing, which is being provided by Wanxiang Group Corporation (Wanxiang). The financing supplements the pre-petition $22.5 Li-ion maker A123 Systems, Inc.

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Electric commercial vehicle company SEA Electric raises $42M; partnership with Exro

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recently closed initial private placement equity financing for total gross proceeds of approximately US$42 million. SEA Electric was founded in Australia in 2012, with a proprietary electric power-system technology (known as SEA-Drive) for the world’s urban delivery and distribution fleets. SEA Electric Holdings Pty Ltd.

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California gives Tesla $34.735-million sales and use tax break, its second

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The California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) has given Tesla Motors a $34.735 million tax break from sales and use taxes on $415-million worth of new manufacturing equipment for its Fremont factory.

Tax 231
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American Suzuki Motor receives bankruptcy court approval of up to $100M in Debtor-In-Possession (DIP) financing

Green Car Congress

American Suzuki Motor Corporation (ASMC) has received court approval for Debtor-In-Possession (DIP) financing. Earlier this week, the company released its November 2012 sales numbers, reporting that it sold more than 2,200 units last month, an increase of 22% compared to the same period last year. Earlier post.)

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Fisker reports more than $100M in revenue Jan-Apr 2012; more than $1B in funding since 2007

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Fisker Automotive published its first business update, announcing that revenues had exceeded $100 million in the first four months of 2012. In the first few months of 2012, Fisker has continued to raise private equity investment to fund its expansion plans, securing $174 million of additional private financing since the start of the year.

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Ideanomics to acquire wireless charging provider WAVE

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Deployed since 2012, WAVE has demonstrated the capability to develop and integrate high-power charging systems into heavy-duty electric vehicles from leading commercial EV manufacturers. WAVE has become a market leader in inductive charging systems, which are much better suited for commercial EVs than plug-in charging systems.

Charging 170
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Volvo V60 Plug-in Hybrid on market in 2012

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Volvo Car Corporation confirmed again that it will begin sales of the V60 Plug-in Hybrid—the results of close cooperation between Volvo Car and Swedish energy supplier Vattenfall&mash;in 2012. Development work has been jointly financed. Earlier post.).

Plug-in 186