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Home > News > VCs Charge-up Battery Firm

February 6th, 2006

VCs Charge-up Battery Firm

Abstract:
In another sign of interest in more powerful batteries and the companies that make them, A123Systems on Monday said it closed a $30-million round of private equity funding. Including this round, A123Systems has raised $62 million. The company says it will use the money to increase manufacturing capacity, to support its customer base, to grow sales, and to develop batteries for hybrid-electric vehicles and other markets. A123Systems uses a nanotech material called doped nano-phosphate, in place of lithium cobaltide, at the cathode.

Source:
redherring.com

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