A123Systems, developer and producer of patent-pending Nanophosphate” lithium ion batteries, today announced it has completed a $30 million round of funding, bringing the total capital invested in the company to $132 million.
A123Systems will use the funds to increase production capacity for new contract awards for hybrid electric, plug-in hybrid electric and extended range electric vehicle design wins with major automakers including a contract to co-develop proprietary cells for the GM E-FLEX program.
A123Systems continues to expand its fast growing power tool battery business with Black & Decker Corporation, the world’s largest manufacturer of cordless tools, where the company is helping drive the transition from nickel technology to doped Nanophosphate lithium ion technology.
A123Systems recently opened a state-of-the-art manufacturing site for the company’s Automotive Class Lithium Ion batteries. The site is designed for large scale handling of nano-materials, advanced particle control equipment and clean room environments needed to support the stringent manufacturing and quality requirements of the automotive market.
Said David Vieau, CEO and president, “We have vertically integrated production from key raw materials to finished cells, incorporating best practices at every level to deliver high quality products with superior performance.”
Investors in the company include General Electric, Procter & Gamble, Alliance Capital, Motorola, Qualcomm, North Bridge Venture Partners, Sequoia Capital, CMEA Ventures, FA Technology Ventures, OnPoint, Carruth Management, the Massachusetts Institute of Technology and Desh Deshpande, the company’s board chairman.
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