Battery Production Manufacturing Gets Cash Infusion

Feb. 9, 2006
A developer of batteries for hybrid electric vehicles, A123Systems, received an additional $30 million cash infusion from a number of investors including General Electric Co., Qualcomm Inc. and Motorola. This is the third round of financing for the ...

A developer of batteries for hybrid electric vehicles, A123Systems, received an additional $30 million cash infusion from a number of investors including General Electric Co., Qualcomm Inc. and Motorola. This is the third round of financing for the Watertown, Mass.-based developer of lithium-ion batteries.

Other investors include Alliance Capital Management, FA Technology Ventures, North Bridge Venture Partners, Sequoia Capital, Massachusetts Institute of Technology, OnPoint and YankeeTek.

"A123Systems' advanced batteries have the potential to drastically lower the weight and cost of batteries for hybrid electric vehicles, bringing a new level of performance to automobile manufacturers," said David Vieau, CEO, A123Systems. "An A123Systems battery is projected to be 80% lighter than batteries used in current HEVs and will offer superior life and durability."

The new funds will be used to increase manufacturing capacity as well as ensure the continuation of the development of products for other markets. A123 Systems is currently working on product development with the U.S. Department of Energy.

Founded in 2001, A123Systems' nanoscale electrode technology is built on initial developments from Massachusetts Institute of Technology.

A123Systems

Interested in information related to this topic? Subscribe to our weekly Value-chain eNewsletter.

Popular Sponsored Recommendations

Global Supply Chain Readiness Report: The Pandemic and Beyond

Sept. 23, 2022
Jabil and IndustryWeek look into how manufacturers are responding to supply chain woes.

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

How Manufacturers Can Optimize Operations with Weather Intelligence

Nov. 2, 2023
The bad news? Severe weather has emerged as one of the biggest threats to continuity and safety in manufacturing. The good news? The intelligence solutions that build weather ...

How Organizations Connect and Engage with Frontline Workers

June 14, 2023
Nearly 80% of the 2.7 billion workers across manufacturing, construction, healthcare, transportation, agriculture, hospitality, and education are frontline. Learn best practices...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!