NORWALK, Conn.--(BUSINESS WIRE)--Feb. 6, 2006--GE Commercial Finance - Technology Lending, a unit of GE Commercial Finance - Global Media & Communications, today announced that it has made a Series C preferred investment in Lithium-ion battery developer A123Systems. The investment is part of a $30 million Series C equity financing for A123, with other investors including North Bridge Venture Partners and Sequoia Capital. The transaction closed on January 27, 2006.
Based in Watertown, MA, A123Systems is the developer of a new generation of Lithium-ion batteries that deliver previously unattainable power levels, safety and life to a wide range of applications. These batteries enable manufacturers to eliminate the power technology constraints they face in developing and building new products. Founded in 2001, A123Systems' proprietary nanoscale electrode technology is built on initial developments from Massachusetts Institute of Technology. The Black & Decker Corporation in its DEWALT brand of power tools will utilize the company's first battery.
"We are very pleased that GE Commercial Finance has chosen to take part in this round of financing," said David Vieau, CEO and President A123Systems. "Not only have they been a reliable A123 lender since early 2005, but they also have provided us with opportunities to collaborate with several Fortune 500-sized GE business units that are working on complementary clean technology applications."
GE's Technology Lending unit had initially financed A123 with a $4 million term loan. "This is a perfect example of what separates GE Commercial Finance from a typical lender," said Mark Huang, Senior Vice President, GE Commercial Finance - Technology Lending. "We have the ability to provide not only debt and equity capital at every stage of a company's development, but also access to the entire portfolio of GE businesses."
About GE Commercial Finance - Technology Lending
A unit of GE Commercial Finance Global Media & Communications, Technology Lending provides debt financing, as well as tag-along equity to Technology-related businesses. Industry segments include: clean technology, communications infrastructure, electronics, hardware, information technology, Internet services, semiconductor and software. For more information, please visit getechnologylending.com.
About GE Commercial Finance - Global Media & Communications
With over $5 billion in assets, offices in Atlanta, Chicago, London, New York, Norwalk, San Francisco and resources in Asia-Pacific, GE Commercial Finance - Global Media & Communications represents a one-stop source for the comprehensive range of GE's lending and other structured financial services offered to the telecom, media, technology and entertainment marketplace. For more information, please visit gegmc.com.
About GE Commercial Finance
GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $190 billion and is headquartered in Stamford, Connecticut. GE (NYSE: GE) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's website at ge.com.
Contacts
GE Commercial Finance, Norwalk
Ned Reynolds, 203-229-5717
[email protected]
or
TorranceCo, New York
Mark Prindle, 212-691-5860
[email protected]
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340