A123Systems Receives $30 Million Investment to Support Scale Up
22 October 2007
A123Systems, developer and producer of patent-pending Nanophosphate lithium-ion batteries, has completed a $30 million round of funding, bringing the total capital invested in the company to $132 million.
A123Systems will use these funds to increase production capacity for new contract awards for hybrid electric (earlier post), plug-in hybrid electric (earlier post) and extended range electric vehicle (i.e., the Chevrolet Volt) design wins with major automakers including a contract to co-develop proprietary cells for the GM E-Flex program. (Earlier post.)
A123Systems also continues to expand its fast-growing power tool battery business with Black & Decker Corporation, the world’s largest manufacturer of cordless tools.
Demand for the company’s products has grown significantly in the past year and A123Systems has recently opened its new, state-of-the-art manufacturing site for the company’s Automotive Class Lithium Ion batteries. (Earlier post. In addition to its lithium-ion manufacturing technology, the new site was built to support TS-16949 quality systems and is designed for large scale handling of nano-materials, advanced particle control equipment and clean room environments needed to support the stringent manufacturing and quality requirements of the automotive market.
Investors in the company include General Electric, Procter & Gamble, Alliance Capital, Motorola, Qualcomm, North Bridge Venture Partners, Sequoia Capital, CMEA Ventures, FA Technology Ventures, OnPoint, Carruth Management, the Massachusetts Institute of Technology and Desh Deshpande, the company’s board chairman. |
