A123Systems
GE Deepens Relationship with Battery Manufacturer A123Systems Through New Investment and Planned Addition of GE’s Technology Head to Board of Directors
Published in Healthcare Finance, Tax and Law Weekly, April 29th, 2009
A123Systems announced it has raised $69 million from GE (NYSE: GE) and other investors to accelerate the expansion of its US lithium ion battery manufacturing and smart grid capabilities. The capital will help create new jobs by expanding A123’s facilities in Hopkinton, MA, and Novi, MI, as well as build planned new factories in Michigan. The funding will also support A123’s efforts to develop applications for the smart grid, such as utility-scale energy storage. Mark Little, GE’s Senior Vice President and Director GE Global Research, will join A123’s board of directors.
GE Energy Financial Services and GE Capital’s Equity unit provided $15 million of the amount raised...
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