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

NanoLabNL boosts quality of research facilities as Dutch Toekomstfonds invests firmly June 10th, 2016

Oxford Nanoimaging to provide desktop super-resolution microscopes May 10th, 2016

ORIG3N Added to Companies Presenting at Harris & Harris Group's Annual Meeting, Tuesday June 7, 2016, the New York Genome Center April 27th, 2016

Philadelphia Mathematician Robert Clark Turns to Crowdfunding to Support Nanotechnology Research That Could Lead to ‘Flying’ Cars and Space Elevator April 4th, 2016

Announcements

Vortex laser offers hope for Moore's Law: The optics advancement may solve an approaching data bottleneck by helping to boost computing power and information transfer rates tenfold July 30th, 2016

New method for making green LEDs enhances their efficiency and brightness July 30th, 2016

Novel state of matter: Observation of a quantum spin liquid July 29th, 2016

A new type of quantum bits July 29th, 2016

Automotive/Transportation

New nontoxic process promises larger ultrathin sheets of 2-D nanomaterials July 27th, 2016

New lithium-oxygen battery greatly improves energy efficiency, longevity: New chemistry could overcome key drawbacks of lithium-air batteries July 26th, 2016

Researchers improve catalyst efficiency for clean industries: Method reduces use of expensive platinum July 8th, 2016

Artificial synapse rivals biological ones in energy consumption June 21st, 2016

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

New nontoxic process promises larger ultrathin sheets of 2-D nanomaterials July 27th, 2016

New lithium-oxygen battery greatly improves energy efficiency, longevity: New chemistry could overcome key drawbacks of lithium-air batteries July 26th, 2016

An accelerated pipeline to open materials research: ORNL workflow system unites imaging, algorithms, and HPC to advance materials discovery and design July 24th, 2016

Synthesized microporous 3-D graphene-like carbons: IBS research team create carbon synthesis using zeolites as a template July 1st, 2016

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







Car Brands
Buy website traffic