A123Systems receives $69 million from GE, others
Clean-tech company gets an investment from General Electric and other investors as it seeks to expand its lithium ion battery operations.
Lithium ion battery company A123Systems has received a $69 million investment round from General Electric and others, the company announced Monday.
With its latest funding, A123Systems plans to expand its facilities in Massachusetts and Michigan, as well as build new facilities in Michigan. A portion of the proceeds will also be used to develop applications for the smart grid, such as utility-scale storage. The company has its headquarters in Watertown, Mass.
$15 million toward this latest round, bringing its total investment stake to 10 percent in the company. A123Systems also announced GE will receive a seat on its board of directors.
"We've accelerated our plans to expand our U.S. manufacturing. We do not believe our country can afford to wait to develop advanced batteries," David Vieau, A123Systems chief executive, said in a statement.
A123's battery cells are used in hybrid electric vehicles and. The company's batteries and battery systems are also used for grid energy storage and portable power.