Presented without comment, this excerpt from an item by John Peterson on the "" site, which describes itself as a provider of "high-quality, original research into alternative energy, renewable energy, and clean technology companies":

At the close of business on Thursday, the electric vehicle complex including Tesla Motors (TSLA), A123 Systems (AONE), Ener1 (HEV) and Valence Technology (VLNC) had combined 12-month revenues of $258 million and sported a combined market capitalization of $3.4 billion, including $900 million in stockholders' equity and $2.5 billion in blue sky premium.

In comparison, the lead-acid battery complex including Enersys (ENS), Exide Technologies (XIDE), C&D Technologies (CHP) and Axion Power International (AXPW.OB) had combined 12-month revenues of $4.6 billion and a combined market capitalization of $1.6 billion, including $1.2 billion in stockholders' equity and $460 million in blue sky premium.

Something is out of kilter when the electric vehicle complex has 6% of the sales and 77% of the stockholders equity of the lead-acid battery complex, but trades at twice the price.

A123 is one of two companies written about recently in Capitol Confidential for each being the recipient of at least $100 million in cash subsidies from Michigan taxpayers:

Michigan Taxpayers Writing Check to Second Electric Car Battery Maker for $100 Million
Michigan Taxpayers to Write $100 Million Check to Korean Battery Maker
Cost to Revive Economy With Battery Plant Subsidies: $5 Trillion