New investors in the company are GE, Alliance Capital Management and FA Technology Ventures. Also participating in this round are existing investors, including Motorola, Qualcomm, North Bridge Venture Partners, Sequoia Capital, Massachusetts Institute of Technology, OnPoint, YankeeTek and Desh Deshpande, the company's Chairman of the Board.
A123Systems will use its new capital infusion to increase manufacturing capacity, to continue support for its current customer base and revenue growth, to accelerate the development of batteries for hybrid electric vehicles (HEV) and to continue development of products for other markets demanding improved power technology.
'A123Systems' advanced batteries have the potential to drastically lower the weight and cost of batteries for hybrid electric vehicles, bringing a new level of performance to automobile manufacturers,' said David Vieau, CEO and president of A123Systems. 'An A123Systems battery is projected to be 80% lighter than batteries used in current HEVs and will offer superior life and durability.'"
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