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.
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