Nanotechnology Now

Our NanoNews Digest Sponsors

Heifer International

Wikipedia Affiliate Button

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

Long nanotubes make strong fibers: Rice University researchers advance characterization, purification of nanotube wires and films October 17th, 2017

Spinning strands hint at folding dynamics: Rice University lab uses magnetic beads to model microscopic proteins, polymers October 17th, 2017

Spin current detection in quantum materials unlocks potential for alternative electronics October 15th, 2017

Quantum manipulation power for quantum information processing gets a boost: Improving the efficiency of quantum heat engines involves reducing the number of photons in a cavity, ultimately impacting quantum manipulation power October 14th, 2017

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

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

Caught on camera -- chemical reactions 'filmed' at the single-molecule level March 22nd, 2017

Announcements

Long nanotubes make strong fibers: Rice University researchers advance characterization, purification of nanotube wires and films October 17th, 2017

Spinning strands hint at folding dynamics: Rice University lab uses magnetic beads to model microscopic proteins, polymers October 17th, 2017

Rice U. study: Vibrating nanoparticles interact: Placing nanodisks in groups can change their vibrational frequencies October 16th, 2017

Spin current detection in quantum materials unlocks potential for alternative electronics October 15th, 2017

Automotive/Transportation

GLOBALFOUNDRIES Introduces New Automotive Platform to Fuel Tomorrow’s Connected Car: AutoPro™ provides a full range of technologies and manufacturing services to help carmakers harness the power of silicon for a new era of ‘connected intelligence’ October 12th, 2017

Organic/inorganic sulfur may be key for safe rechargeable lithium batteries October 12th, 2017

GLOBALFOUNDRIES Announces Availability of Embedded MRAM on Leading 22FDX® FD-SOI Platform: Advanced embedded non-volatile memory solution delivers ‘connected intelligence’ by expanding SoC capabilities on the 22nm process node September 20th, 2017

GLOBALFOUNDRIES Introduces New 12nm FinFET Technology for High-Performance Applications September 20th, 2017

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

On the road to fire-free, lithium-ion batteries made with asphalt October 12th, 2017

Organic/inorganic sulfur may be key for safe rechargeable lithium batteries October 12th, 2017

How to draw electricity from the bloodstream: A one-dimensional fluidic nanogenerator with a high power-conversion efficiency September 11th, 2017

A revolution in lithium-ion batteries is becoming more realistic September 5th, 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