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Home > News > For A123, Government Funding Brings Both Job Creation and Innovation, CEO Says

May 6th, 2010

For A123, Government Funding Brings Both Job Creation and Innovation, CEO Says

Abstract:
A123Systems president and CEO David Vieau says some investors have questioned whether the company's aggressive pursuit of federal funding for lithium-ion battery production is a sign that the company doesn't have a sustainble business without government support.

But for A123 (NASDAQ: AONE), "it really is about jobs," Vieu said yesterday at a fireside chat-style discussion at the IdeaStream Symposium, put on by MIT's Deshpande Center for Technological Innovation. "We do feel a sense of social responsibility to create jobs to the extent that we can do it and give our shareholders a good return."

A123, whose nanoscale electrode technology comes out of MIT, was initially funded in 2001 with a $100,000 grant from the U.S. Department of Energy, but grew over the last decade to pull off a $380 million IPO in September 2009.

Source:
xconomy.com

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