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A123 Systems Inc. (Nasdaq:AONE) saw its annual net loss widen by 78 percent in 2010, as the company laid a foundation to support "rapid growth" in coming years, the company said Monday.
The Watertown-based maker of lithium-ion batteries said its net loss for the year was $152.6 million, compared to $85.8 million in 2009. Expenses widened across the board for A123, including research and development, production start-up and sales and marketing.
Revenue for 2010 was up 7 percent over the prior year, coming in at $97.3 million, the company reported.
In announcing the financial results, A123 CEO David Vieau acknowledged that costs for the company’s expansion “are higher than originally anticipated.” The expansion has included a new factory for electric vehicle batteries in Livonia, Mich., which opened last September, and a production facility for trailer-sized grid batteries in Westborough, which opened in early February.
Vieau said the company believes its investments will pay off soon. “We expect to see an inflection point in our revenue in the second quarter of 2011 with several customer programs scheduled to enter volume production,” he said in the announcement Monday. “In addition, we continue to be optimistic about the expected long-term demand for advanced battery systems, as well as A123’s technology and market leadership position.”
In February, the company said it had received an order from the energy storage arm of AES Corp. (NYSE:AES) to expand an energy storage system for the electric grid in Northern Chile.
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