Apr 16
Written by: Aaron Turpen 197 views
Published on April 16th, 2009 in Electric Cars
A123 Systems has announced a round of funding from General Electric and others totaling $69 million. The money will be used to expand existing facilities in Massachusetts and Michigan and to build a new facility in Michigan.
Some of the proceeds will also be used to develop applications for the smart grid–namely utility-scale storage, which A123 has been working on for some time.
GE’s latest round of investment ($15 million) gives them a 10% stake in the company and GE will be receiving a seat on A123’s board of directors.
A123’s main plans are to expand U.S. manufacturing of battery and storage systems for electric vehicles and related industries.
Source: 1
Tags: a123, battery, general electric, lithium-ion battery
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