NORWALK, Conn.--(BUSINESS WIRE)--A123Systems, a promising young company with advanced technology for rechargeable batteries, recently received a timely recharge from a group of investors. GE, in addition to acting as lead investor in A123's latest fund-raising effort, a $40 million series D equity round which closed January 24, is also looking to see where A123Systems' proprietary energy-storage technology can accelerate work already underway at GE on clean energy products. GE's Global Research Center announced in late 2006 the first formal program, a $13MM joint initiative with A123Systems to develop a zero-emissions hybrid fuel cell bus.
A123Systems is one of the leading suppliers of high power lithium-ion batteries that use a doped nanophosphate lithium-ion technology to provide higher power density, longer life, better safety, and a much faster recharge. The Company, founded in 2001 by scientists from MIT, supplies batteries to Black & Decker for a new line of high-performance, cordless power tools, and is working on a wide variety of consumer and commercial applications requiring tough, portable, environmentally friendly power solutions.
"There is plenty of venture money around these days. We chose GE as lead investor in our latest round because of all the resources they bring to help us succeed," said David Vieau, President and CEO of A123Systems. "In a short time, our relationship with GE has grown into a real partnership, both financially and in business development. We are now working with GE's top scientists on next generation products that might make a big impact on reducing greenhouse gas emissions."
"We make an extra effort to bring all the resources of GE to our customers," said Stefan Abbruzzese, a senior managing director at one of the GE businesses involved with A123Systems. "The first thing we did once the original loan with A123Systems closed in 2005 was to bring its executives to GE's research center, in Niskayuna, NY, and introduce them around."
Mark Huang, a senior vice president from GE added, "A few months later, our initial meetings between A123 and GE's R&D team bore fruit with the announcement of the joint program to develop a zero emissions hybrid electric bus powered by hydrogen fuel cell technology. We continue to collaborate and explore other exciting joint technology programs with A123Systems."
About A123Systems
A123Systems has quickly become one of the World's largest suppliers of high-power lithium-ion batteries. Based on the Company's patented nanophosphate technology, the batteries deliver previously unattainable levels of power, safety and life. Applicable to a wide range of industries, A123Systems' products allow OEMs expanded flexibility in system design, removing many traditional technology constraints. Founded in 2001, A123Systems' proprietary nanoscale electrode technology is built on initial developments from the Massachusetts Institute of Technology. For additional information please visit www.a123systems.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 $206 billion and is headquartered in Norwalk, 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. GE serves customer in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's website at www.ge.com.
Contacts
GE Commercial Finance, Norwalk
Ned Reynolds, 203-229-5717
[email protected]
Stephen White