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Friday, January 15, 2010
A123 takes $23M stake in Fisker Automotive
By Mass High Tech staff
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A123 Systems Inc. reports it has invested about $23 million in California-based plug-in hybrid car maker Fisker Automotive Inc., and will partner with Fisker on battery development projects.
As part of the deal, A123 will invest $13 million in cash and $10 million in A123 common stock (Nasdaq: AONE) in Fisker. The Watertown-based company will provide automotive battery systems intended to combine high power and energy density for Fisker’s Karma Plug-in Hybrid Electric Vehicle.
The Fisker Karma is designed to get 50 full-electric miles on a charge of A123’s lithium ion battery system and 300 miles with an on-board generator turned by a four-cylinder gasoline engine. The car has 403 hp and is designed to go from 0 to 60 mph in about six seconds, with a top speed of 125 mph.
A123 and Fisker will also collaborate on another plug-in hybrid, Fisker’s Project Nina, with A123 again supplying batteries for the vehicle. Project Nina is expected to launch in 2012.
Work on the partnership will be performed at A123’s plant in Livonia, Mich. The companies plan to begin the partnership in late 2010.
A123 raised $378 million in its initial public offering Sept. 24.
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