A123Systems Receives $40 Million Investment
A123Systems, one of the world’s leading suppliers of high-power lithium-ion batteries, recently announced it has completed a $40 million round of funding, bringing the total capital invested in the company to $102 million.
This latest round was led by General Electric Commercial Finance which is significantly increasing its investment in A123Systems. Also participating is new investor The Procter & Gamble Company, the world’s leading consumer goods company and a leading manufacturer of consumer batteries through its brand Duracell; prior investors are also participating including Alliance Capital, FA Technology Ventures, North Bridge Venture Partners, Sequoia Capital, OnPoint, the Massachusetts Institute of Technology, Motorola, Qualcomm, and Desh Deshpande, the company’s board chairman.
A123Systems will use these funds to scale its technology development and manufacturing capacity for plug-in hybrid electric vehicle (PHEV) batteries, as well as to support the fast growing demand in the power tool, hybrid electric vehicle (HEV) and consumer applications markets.
“As our doped nanophosphate technology continues to deliver superior power, safety and life, we’re experiencing tremendous growth and interest from companies across a vast array of industries looking to innovate new and existing products,” said David Vieau, CEO and President of A123Systems.
“As the worldwide leader in the battery category, we constantly evaluate emerging technology for its potential to deliver benefits to consumers,” said Mark Bertolami, VP, Global Marketing and General Manager, North America, Duracell. “Our investment in A123Systems coupled with our companies’ joint development activities is intended to further strengthen Duracell’s position in the consumer portable power space. This move also reinforces P&G’s commitment to partner with innovative companies to gain access to new technologies.”
“A123Systems has met or surpassed its key development and performance milestones” said James Kim, Vice President, GE Global Media & Communications.
“The company’s latest wins - focused on Plug-In Hybrid and Hybrid Electric Vehicles - are particularly exciting given current global environmental challenges.” added Mark Huang , Senior Vice President, GE Energy Financial Services.
This funding adds to A123Systems’ strong momentum with major customer wins and partnerships in the power tool and automotive industries. Most recently, A123Systems announced it will supply batteries to General Motors for the Saturn Vue Green Line plug-in hybrid development program, the world’s first commercial program of its kind by a major automaker.
For more information, please visit: www.a123systems.com