US: Hybrid battery maker gets extra funding
A123Systems, a supplier of high-power lithium-ion batteries, has completed a $US40m round of funding, bringing the total capital invested in the company to $102m.
A123Systems will use these funds to scale its technology development and manufacturing capacity for plug-in hybrid electric vehicle (PHEV) batteries, as well as to support the fast growing demand in the hybrid electric vehicle (HEV) and other markets.
This latest round was led by General Electric Commercial Finance which is significantly increasing its investment.
A123Systems recently announced it would supply batteries to General Motors for the Saturn Vue Green Line plug-in hybrid development programme, the world's first commercial programme of its kind by a major automaker.
A123Systems is also working with GE to develop systems for the hybrid bus market and recently received a $15m development contract for next generation HEV batteries by the US Department of Energy and the United States Advanced Battery Consortium (USABC), an organisation composed of DaimlerChrysler, Ford and General Motors.