Nanotechnology Now







Heifer International

Wikipedia Affiliate Button


DHgate

Home > Press > GE Helps Commercialize Electric Car with Sixth Investment in Battery Manufacturer A123Systems

GE is recharging the electrification of transportation by making its sixth equity investment in lithium-ion battery manufacturer A123Systems. Shown here is an A123Systems' battery. (PHOTO: Business Wire)
GE is recharging the electrification of transportation by making its sixth equity investment in lithium-ion battery manufacturer A123Systems. Shown here is an A123Systems' battery. (PHOTO: Business Wire)

Abstract:
GE (NYSE: GE) is recharging the electrification of transportation by making its sixth equity investment in lithium-ion battery manufacturer A123Systems. GE invested $30 million in A123's $102 million Series E financing, making it the battery manufacturer's largest single cash investor - at 9 percent ownership. The investments were made by GE Commercial Finance - Equity and GE Energy Financial Services, bringing GE's combined total investment in A123Systems to $55 million.

GE Helps Commercialize Electric Car with Sixth Investment in Battery Manufacturer A123Systems

NISKAYUNA, NY | Posted on October 23rd, 2008

The announcement was made today at GE's Battery Technology Symposium held at its Global Research Center in Niskayuna, New York. In addition to receiving capital from GE, A123 is drawing on the research and technology development expertise of GE Global Research to design battery system components for automotive programs.

A123 uses nanotechnology to produce rechargeable lithium-ion batteries with a combination of greater power density, lower weight, lower cost and improved safety than other battery types. Unlike standard lithium-ion batteries, A123's batteries are not prone to overheating. The company is a significant recipient of US Department of Energy awards for hybrid and plug-in hybrid electric vehicle batteries and is working with major automakers on 19 vehicle models, ranging from hybrids to plug-in hybrids to full electric vehicles. A123's technology is also used to supply power in portable tools manufactured by Black & Decker and DeWalt and in stationary grid applications.

"When GE Energy Financial Services invests in new venture companies, we offer much more than capital," said Kevin Skillern, Managing Director and leader of venture capital at GE Energy Financial Services. "Companies that partner with GE Energy Financial Services not only receive the resources of a top-quality venture capital company, they benefit from all the strengths of GE."

The desire for increased fuel economy is driving the electrification of vehicles. In December 2007, the US Congress tightened the Corporate Average Fuel Economy standards that regulate the average fuel economy in the vehicles produced by each major automaker. The fuel economy standard increased 40 percent -- to 35 miles per gallon by 2020. It is estimated that to meet these new vehicle efficiency standards, half of all cars must be hybrid by 2020.

GE's support of A123 is part of GE's ecomagination initiative, the company's commitment to help its customers meet their environmental challenges while expanding its own portfolio of cleaner energy products.

Additional details about A123Systems' funding round, which closed in May, were not disclosed.

####

About GE Energy Financial Services
GE Energy Financial Services’ 400 experts invest globally with a long-term view, backed by the best of GE’s technical know-how and financial strength, across the capital spectrum and the energy and water industries, to help their customers and GE grow. With $19 billion in assets, GE Energy Financial Services, based in Stamford, Connecticut, invests more than $5 billion annually in two of the world’s most capital Intensive industries, energy and water.

About GE

GE (NYSE: GE) is a diversified global infrastructure, finance and media company that is built to meet essential world needs. From energy, water, transportation and health to access to money and information, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. GE is Imagination at Work. For more information, visit the company's Web site at www.ge.com.

Editor’s Note: Caption for accompanying photo: GE is recharging the electrification of transportation by making its sixth equity investment in lithium-ion battery manufacturer A123Systems. Shown here is an A123Systems’ battery.

For more information, please click here

Contacts:
GE Energy Financial Services
Andy Katell, +1-203-961-5773

Copyright © Business Wire 2008

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

News and information

Nanoscale worms provide new route to nano-necklace structures March 29th, 2015

Solving molybdenum disulfide's 'thin' problem: Research team increases material's light emission by twelve times March 29th, 2015

A first glimpse inside a macroscopic quantum state March 28th, 2015

DFG to Establish One Clinical Research Unit and Five Research Units: New Projects to Investigate Complications in Pregnancy, Particle Physics, Nanoparticles, Implants and Transport Planning / Approximately 13 Million Euros in Funding for an Initial Three-Year Period March 28th, 2015

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

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

Harris & Harris Group Reports Financial Statements as of December 31, 2014 and Posts Annual Letter to Shareholders on Website March 17th, 2015

Silicon Catalyst Announces Partnership With imec to Support Semiconductor Start-Ups February 23rd, 2015

Ligar secures investment from Wallace Corporation to commercialise polymers that pick out good and bad molecules: Ground-breaking science innovation removes molecules in the wrong place from liquids February 15th, 2015

Announcements

Nanoscale worms provide new route to nano-necklace structures March 29th, 2015

Solving molybdenum disulfide's 'thin' problem: Research team increases material's light emission by twelve times March 29th, 2015

A first glimpse inside a macroscopic quantum state March 28th, 2015

DFG to Establish One Clinical Research Unit and Five Research Units: New Projects to Investigate Complications in Pregnancy, Particle Physics, Nanoparticles, Implants and Transport Planning / Approximately 13 Million Euros in Funding for an Initial Three-Year Period March 28th, 2015

Automotive/Transportation

Clean energy future: New cheap and efficient electrode for splitting water March 18th, 2015

Imperfect graphene opens door to better fuel cells: Membrane could lead to fast-charging batteries for transportation March 18th, 2015

Researchers synthesize new thin-film material for use in fuel cells: Article in the journal APL Materials shows how to grow Bi2Pt2O7 pyrochlore, potentially a more effective cathode for future fuel cells March 10th, 2015

Glass coating improves battery performance: To improve lithium-sulfur batteries, researchers added glass cage-like coating and graphene oxide March 2nd, 2015

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

Chemists make new silicon-based nanomaterials March 27th, 2015

New processing technology converts packing peanuts to battery components March 22nd, 2015

NC State researchers create 'nanofiber gusher': Report method of fabricating larger amounts of nanofibers in liquid March 19th, 2015

Drexel Univ. materials research could unlock potential of lithium-sulfur batteries March 17th, 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







© Copyright 1999-2015 7th Wave, Inc. All Rights Reserved PRIVACY POLICY :: CONTACT US :: STATS :: SITE MAP :: ADVERTISE