Battery maker, A123 Systems, Inc. has filed for a $175 million initial public offering.
The Watertown, Massachusetts company is a spin off of lithium-ion battery technology developed at Massachusetts Institute of Technology.
It is one of the companies competing to provide battery technology for electric vehicles, including GM’s (NYSE: GM) Chevy Volt–due out in 2010.
A123 already has a deal to supply batteries to Norwegian eletric vehicle maker Think Global, as well as power-tool maker Black & Decker (NYSE: BDK) for the DeWalt product line.
The company has raised more than $160 million in venture capital. Qualcomm (Nasdaq: QCOM) and Motorola (NYSE: MOT) both own stakes in the company.
The joint book-running managers of the proposed offering will be Morgan Stanley & Co. Incorporated and Goldman Sachs & Co. Merrill Lynch, Pierce, Fenner & Smith Incorporated will serve as co-lead manager, and Broadpoint Capital, Inc. and Lazard Capital Markets LLC will serve as co-managers.
About A123Systems
A123Systems develops and manufactures advanced lithium-ion batteries and battery systems for the transportation, electric grid services and portable power markets. Founded in 2001 and headquartered in Massachusetts, A123Systems’ patented NanophosphateTM technology includes nanoscale materials initially developed at and exclusively licensed from the Massachusetts Institute of Technology.
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