US lithium-ion battey maker A123 Systems (Nasdaq:AONE) Thursday announced a multi-year battery supply agreement with Fisker Automotive, a new American automaker building premium plug-in hybrid vehicles. The supply agreement is for battery systems for the Fisker Karma Plug-in Hybrid Electric Vehicle (PHEV). The Karma is scheduled to be launched in late 2010.
In addition to entering into the supply agreement, A123 also announced
its intent to invest up to $23 million in Fisker Automotive’s current
funding round in order to establish a strategic relationship with the
car company. The contemplated investment would consist of $13 million
in cash and $10 million in A123 common stock and would be subject to
the completion of certain terms and conditions.
Fisker Automotive (karma.fiskerautomotive.com) and A123 will also collaborate on Fisker’s Project Nina platform, with the intent of having A123 supply batteries for that vehicle based on meeting the automaker’s performance and delivery requirements. Project Nina is expected to launch in 2012.
"Fisker Automotive selected A123 because of the company’s ability to meet our performance needs and rapidly scale to our production volume," said Henrik Fisker, CEO of Fisker Automotive.
A123 plans to manufacture the cells and systems at its Livonia, Mich. facility with production slated to commence later this year.
"We believe the opportunity to supply batteries for Fisker’s premium plug-in hybrid vehicles is further confirmation of the competitive advantages of A123’s technology, including our ability to deliver on the critical safety, high power, useable energy and extended life requirements for PHEV applications," said David Vieau, President and CEO of A123 Systems.
The Fisker Karma is expected to have a range of 50 full-electric miles on a charge of A123’s lithium ion battery system and a total range of 300 miles with an on-board generator turned by a traditional four-cylinder gasoline engine. The Karma features 403hp and is designed to go from 0 to 60 mph in about six seconds, reaching a top speed of 125 mph.
Earlier this week, A123 announced a joint venture with a major China’s SAIC Motors to produce batteries for electric vehicles in the fast-growing Chinese market.
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