Nanotechnology Now







Heifer International

Wikipedia Affiliate Button


DHgate

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

Harris & Harris Group Sponsors NYC American Heart Association's Health Sciences Innovation Investment Forum: Co-founder of Harris & Harris Group Portfolio Company TARA Biosystems to Speak About the Value of Tissue Engineering Technology April 21st, 2015

Long Island Capital Alliance Announces Participants for Brookhaven National Laboratory Technology Transfer Capital Forum on May 8: Keynote Speaker Dr. Doon Gibbs, Director of Brookhaven National Laboratory April 16th, 2015

Harris & Harris Group Portfolio Company OpGen Files Amended Registration Statement for Proposed Public Offering April 8th, 2015

Hong Kong Investors Bullish on Dais Analytic Invest $5.75M, Provide $60M Contract, and Create New Joint Venture Company March 26th, 2015

Announcements

SEFCU, SUNY Poly CNSE Announce Winning Student-Led Teams in the 6th Annual $500,000 New York Business Plan Competition April 25th, 2015

Northwestern scientists develop first liquid nanolaser: Technology could lead to new way of doing 'lab on a chip' medical diagnostics April 25th, 2015

Nanotech-enabled moisturizer speeds healing of diabetic skin wounds: Spherical nucleic acids silence gene that interferes with wound healing April 24th, 2015

Fast and accurate 3-D imaging technique to track optically trapped particles April 24th, 2015

Automotive/Transportation

Nanoparticles Used to Improve Mechanical, Thermal Properties of Cellulose Fibers April 23rd, 2015

'Holey' graphene for energy storage: Charged holes in graphene increase energy storage capacity April 22nd, 2015

Expanding the reach of metallic glass April 22nd, 2015

Nanocomposites Play Effective Role in Production of Smart Fibers April 18th, 2015

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

Phonons, arise! Small electric voltage alters conductivity in key materials April 22nd, 2015

New class of 3D-printed aerogels improve energy storage April 22nd, 2015

'Holey' graphene for energy storage: Charged holes in graphene increase energy storage capacity April 22nd, 2015

‘Oxford Instruments Young Nanoscientist India Award 2015’ to Prof. Arindam Ghosh April 20th, 2015

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