Nanotechnology Now

Our NanoNews Digest Sponsors





Heifer International

Wikipedia Affiliate Button


android tablet pc

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

Physicists build reversible laser tractor beam October 20th, 2014

Removal of Limitations of Composites at Superheat Temperatures October 20th, 2014

1980s aircraft helps quantum technology take flight October 20th, 2014

Ucore's McKenzie to Deliver Presentation to Rare Earths Conference in Singapore as Highlight of Fall 2014 Marketplace Schedule October 19th, 2014

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

7th Nanotechnology Festival, Exhibition Kicks Off Work in Iran October 7th, 2014

Harris & Harris Group Letter to Shareholders on Website August 19th, 2014

Harris & Harris Group to Host Conference Call on Second-Quarter 2014 Financial Results on August 15, 2014 August 12th, 2014

SouthWest NanoTechnologies Inc. Announces $2.7 Million in New Financing to Fund Growth, Plant Expansion and Technical Personnel August 11th, 2014

Announcements

Physicists build reversible laser tractor beam October 20th, 2014

Removal of Limitations of Composites at Superheat Temperatures October 20th, 2014

1980s aircraft helps quantum technology take flight October 20th, 2014

Ucore's McKenzie to Deliver Presentation to Rare Earths Conference in Singapore as Highlight of Fall 2014 Marketplace Schedule October 19th, 2014

Automotive/Transportation

Production of Anticorrosive Chromate Nanocoatings in Iran September 27th, 2014

Teijin Aramid’s carbon nanotube fibers awarded with Paul Schlack prize: New generation super fibers bring wave of innovations to fiber market September 25th, 2014

Next-Gen Luxury RV From Global Caravan Technologies Will Offer MagicView Roof and Windshield Using SPD-SmartGlass Technology From Research Frontiers: Recreational Vehicle Manufacturer Global Caravan Technologies (GCT) Features 28 Square Feet of MagicView™ SPD-SmartGlass September 17th, 2014

Toward making lithium-sulfur batteries a commercial reality for a bigger energy punch September 17th, 2014

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

Graphenea opens US branch October 16th, 2014

NTU develops ultra-fast charging batteries that last 20 years October 14th, 2014

Electrically conductive plastics promising for batteries, solar cells October 10th, 2014

Crumpled graphene could provide an unconventional energy storage: Two-dimensional carbon “paper” can form stretchable supercapacitors to power flexible electronic devices October 4th, 2014

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 1999-2014 7th Wave, Inc. All Rights Reserved PRIVACY POLICY :: CONTACT US :: STATS :: SITE MAP :: ADVERTISE