energy, deals, Electric Vehicles
A123 Raises $30 Million to Expand Battery Production Capacity
Robert Buderi 10/23/07
A123 Systems is like some sort of entrepreneurial Energizer bunny: it just keeps on marching through investment rounds and deals. In the latest news, the Watertown, MA, supplier of high-power lithium ion batteries announced today that it had received $30 million in new venture financing. The money will be used to scale up production capacity to meet growing demand for A123’s products, including fulfilling a big contract announced in August to co-develop the battery cell for General Motors’ Chevrolet Volt line of electric cars and other vehicles. The company will also grow its cordless power tool battery business, under a deal with Black & Decker.
The new funds come on top of $40 million the company raised in January; that was the biggest New England venture deal in the first half of this year. Since its 2001 founding, A123 has received more than $130 million in investment from the likes of General Electric, MIT, North Bridge Venture Partners, Procter and Gamble, Motorola, Qualcomm, Sequoia Capital, and YankeeTek, among others. A spokesman said that all of A123’s existing investors contributed to the new round, as well as two new ones: CMEA Ventures (which led the round) and Carruth Management.
The new funds should keep A123 energized for at least a little while longer.
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2/4/08 7:35 pm
All fine and dandy,what do we do with the “old”batteries,are they not hazardous waste?
Btw,have you seen a sparrow lately or any other song bird?I have not,here in Florida.Their food is systematically poisoned with herbicides and pesticides by YOU.
The bees,a vital link to our survival is disappearing.
Time to concentrate on these issues.
Is that what you are leaving your “loved” grandchildren?
3/7/08 3:35 pm
Actually HHN, lithium batteries are recyclable and much less toxic than other chemistries like lead-acid. Also, the “old” batteries are often put into semi-retirement by power companies and used for load smoothing and backup power. Every time I see naysayers put down electric vehicles I think: just imagine if automakers had spent the last 10 years perfecting them instead of repossessing and crushing them.