Nanotechnology Now

Our NanoNews Digest Sponsors

Heifer International

Wikipedia Affiliate Button

Home > Press > A123Systems™ Receives $30 Million Investment to Support Scale Up and Recent Contract Awards in the Automotive and Powertool market

Abstract:
Opens new Manufacturing Sites to Support High Volume Entry into the Automotive Markets and Expansion of Powertool Business.

A123Systems™ Receives $30 Million Investment to Support Scale Up and Recent Contract Awards in the Automotive and Powertool market

Hopkinton, MA | Posted on October 22nd, 2007

A123Systems will use these funds to increase production capacity for new contract awards for hybrid electric, plug-in hybrid electric and extended range electric vehicle design wins with major automakers including a contract to co-develop proprietary cells for the GM E-FLEX program. A123Systems continues to expand its fast growing power tool battery business with Black & Decker Corporation, the world's largest manufacturer of cordless tools, where the company is helping drive the transition from nickel technology to doped nanophosphate lithium-ion technology.

Demand for the company's products has grown significantly in the past year and has recently opened for business its new, state of the art, manufacturing site for the company's Automotive Class Lithium Ion batteries.

"We continue to scale our production-proven and cost-effective designs to meet demand as we expand our presence in the automotive, aviation and hand-held power tools markets." said David Vieau, CEO and President of A123Systems. "We have vertically integrated production from key raw materials to finished cells, incorporating best practices at every level to deliver high quality products with superior performance" added Vieau.

In addition to its leading edge lithium ion manufacturing technology, the new site was built to support TS-16949 quality systems and is designed for large scale handling of nano-materials, advanced particle control equipment and clean room environments needed to support the stringent manufacturing and quality requirements of the Automotive market.

"Our investment reaffirms the commitment we first made to A123 by leading its $40 million equity fundraising in January," said Kevin Walsh, Managing Director of renewable energy at GE Energy Financial Services. "This relationship is a key example of our efforts to support expansion-stage companies and projects in clean energy and water technology, as well as efficiency initiatives, through venture equity investing."

"Our investment in A123Systems is based on their unique expertise in Nanophosphate based lithium ion technology to provide a better energy storage sources for vehicles, aircraft, tools and other demanding applications," said James Kim, partner with CMEA Ventures. "Leading companies are taking advantage of A123Systems technology to enhance their products, and the company's the company management has done an excellent job of bringing the technology to market. We look forward to helping the company reach its full potential."

Investors in the company include General Electric, Procter & Gamble, Alliance Capital, Motorola, Qualcomm, North Bridge Venture Partners, Sequoia Capital, CMEA Ventures, FA Technology Ventures, OnPoint, Carruth Management, the Massachusetts Institute of Technology and Desh Deshpande, the company's board chairman.

####

About A123Systems
A123Systems is one of the world’s leading suppliers of high-power lithium ion batteries. The company’s patent pending Nanophosphate™ technology enables its batteries to deliver previously unattainable levels of power, safety and life. Applicable to a wide range of industries, A123Systems’ products remove many traditional technology constraints to provide OEMs expanded flexibility in system design. With more than 800 employees and the largest lithium ion R&D team in North America, world-class expertise and management, and global manufacturing operations, A123Systems’ Automotive Class Lithium Ion™ batteries are leading the automotive movement towards platform electrification. Founded in 2001 and headquartered in Massachusetts, A123Systems’ proprietary nanoscale electrode technology is built on initial developments from the Massachusetts Institute of Technology. For additional information please visit http://www.a123systems.com .

For more information, please click here

Contacts:
Media Resources: PR Contacts
Kate Aldinger, fama PR
P: 617-758-4147


Keith Watson, fama PR
P: 617-758-4142

Copyright © A123Systems

If you have a comment, please Contact us.

Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

VC/Funding/Angel financing/Loans/Leases/Crowdfunding

180 Degree Capital Corp. Leads Investment in TheStreet, Inc.; Investment Enables Removal of Capital Structure Overhang November 14th, 2017

180 Degree Capital Corp. Appoints Investment Banking Veteran Parker Weil to Its Board of Directors August 2nd, 2017

Forge Nano 2017: 1st Quarter Media Update April 20th, 2017

180 Degree Capital Corp. Announces the Start of Kevin Rendino as Chairman and Chief Executive Officer and Completion of its Transition to a Registered Closed-End Fund March 31st, 2017

Announcements

Researchers use sound waves to advance optical communication January 22nd, 2018

Piecework at the nano assembly line: Electric fields drive nano-motors a 100,000 times faster than previous methods January 22nd, 2018

Thanks for the memory: NIST takes a deep look at memristors January 20th, 2018

Arrowhead Pharmaceuticals Announces Pricing of Underwritten Public Offering of Common Stock January 18th, 2018

Automotive/Transportation

Ultrathin black phosphorus for solar-driven hydrogen economy: Osaka University researchers use sunlight to make hydrogen with a new nanostructured catalyst based on nanosheets of black phosphorus and bismuth vanadate January 17th, 2018

New catalyst for hydrogen production is a step toward clean fuel: Carbon-based nanocomposite with embedded metal ions yields impressive performance as catalyst for electrolysis of water to generate hydrogen January 16th, 2018

STMicroelectronics Selects GLOBALFOUNDRIES 22FDX® to Extend Its FD-SOI Platform and Technology Leadership : GF’s FDX technology will enable ST to deliver high-performance, low-power products for next-generation consumer and industrial applications January 9th, 2018

Study boosts hope for cheaper fuel cells: Rice University researchers show how to optimize nanomaterials for fuel-cell cathodes January 6th, 2018

Battery Technology/Capacitors/Generators/Piezoelectrics/Thermoelectrics/Energy storage

Ultra-thin memory storage device paves way for more powerful computing January 17th, 2018

Novel MOF shell-derived surface modification of Li-rich layered oxide cathode December 29th, 2017

Paving the way for a non-electric battery to store solar energy: UMass Amherst scientists say a polymer chain organized like a string of Christmas lights assists energy storage December 22nd, 2017

Sandia researchers make solid ground toward better lithium-ion battery interfaces: Reducing the traffic jam in batteries December 13th, 2017

NanoNews-Digest
The latest news from around the world, FREE



  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoTech-Transfer
University Technology Transfer & Patents
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More











ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project