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Print Edition StoriesTuesday, April 7, 2009
A123 to provide electric car batteries to Chrysler models
By Efrain Viscarolasaga
Local Motors: Open source car maker
Terrafugia Transition First Flight
A123Systems Inc., a Watertown-based maker of advanced lithium-ion battery systems, has been selected by Chrysler LLC to be included in the automaker’s electric vehicle systems.
The agreement means A123Systems is expected to provide the energy storage systems for Chrysler’s first-generation ENVI range-extended electric vehicles and battery-only electric vehicles. At the recent auto show in Detroit, Chrysler unveiled five models using the electric drive system, including the Dodge Circuit EV, Jeep Wrangler EV, Jeep Patriot EV, Chrysler Town & Country EV and the Chrysler 200C EV concept. Chrysler had previously announced that it expects to bring the first models to market in 2010.
Financial terms of the agreement were not provided. A123Systems expects to manufacture the batteries at its plant in Michigan, a new federally funded plant that A123 announced earlier this year.
A123Systems’ lithium-ion batteries have made their way into a number of consumer products, including power tools. Last year, the company began to penetrate the electric vehicle market, closing deals with General Motors for inclusion in the Chevy Volt, Chinese automaker SAIC Motor Corporation Ltd. and Norwegian electric car manufacturer Think.
Founded in 2001, A123Systems has raised more than $102 million in private funding from an array of investors, including Alliance Capital, FA Technology Ventures, North Bridge Venture Partners, Sequoia Capital, OnPoint, General Electric, the Massachusetts Institute of Technology, Motorola, Qualcomm and Desh Deshpande, the company’s chairman.
Last summer, A123Systems filed documents for a $175 million initial public offering but has yet to price and execute the offering.
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