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Battery technology company A123 Systems Inc. (Nasdaq:AONE) plans to create more than 250 jobs in Massachusetts as part of an $80 million expansion by 2014, Gov. Deval Patrick announced today.
The expansion of the company’s manufacturing and research and development divisions will be made possible in part through a $5 million forgivable loan from the Massachusetts Clean Energy Center (MassCEC), the governor said.
The Watertown-based company said the expansion will double the size of its research and development facilities. The company has additional facilities in Hopkinton.
A123 must double its Massachusetts employment to more than 500 by 2014 under the terms of the MassCEC financing.
With the expansion, A123 will assemble and commission its largest battery systems in Massachusetts, according to Patrick. The trailer-sized units will be used to store power for the electric grid, with the intent of creating a more stable and efficient system.
The systems also are designed to help integrate renewable sources of power, like wind and solar.
A123 completed its $371 million initial public offering in September 2009. Last month, A123’s stock was added to the Nasdaq Clean Edge Green Energy Index, which is intended to track stock performance of publicly traded, clean energy companies in the U.S.
Today’s announcement coincides with the 40th anniversary of Earth Day, and Patrick also highlighted a new study finding that Massachusetts is the leading clean energy state on the East Coast and second in the nation.
The report, “A Future of Innovation and Growth: Advancing Massachusetts’ Clean-Energy Leadership,” was prepared by Clean Edge Inc. for MassCEC and compares the Bay State with other leading clean-energy states. In judging each state’s regulatory incentives, financial incentives, knowledge capital and economic/workforce development, Massachusetts ranked second nationally, following California, and ahead of Oregon, Colorado, New Jersey and 10 other top clean-energy states, according to the report.
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