A123Systems™ Receives $30 Million Investment to Support Scale Up

A123Systems™ Receives $30 Million Investment to Support Scale Up and Recent Contract Awards in the Automotive and Powertool market. Opens new Manufacturing Sites to Support High Volume Entry into the Automotive Markets and Expansion of Powertool Business. A123Systems will use these funds to increase production capacity for new contract awards for hybrid electric, plug-in hybrid electric and extended range electric vehicle design wins with major automakers including a contract to co-develop proprietary cells for the GM E-FLEX program. A123Systems continues to expand its fast growing power tool battery business with Black & Decker Corporation, the world’s largest manufacturer of cordless tools, where the company is helping drive the transition from nickel technology to doped nanophosphate lithium-ion technology. Link.