Lithium Battery Maker A123 Plans IPO

The company, which will be listed under the AONE ticker, made $35 million last year but it's losses mounted to $31 million last year.

Published: 08-Aug-2008

Boston-area battery upstart A123 Systems on Friday said that it plans to go public and raise $175 million.

The company, which is not profitable, on Friday filed papers where it said it intends to raise as much as $175 million, based on the registration filing fee. The money will be used to expand it manufacturing and research facilities as well as pay back about $2.5 million in debt.

A123 Systems was spun out of the Massachusetts Institute of Technology seven years ago to commercialize lithium-ion batteries for a range of applications.

<< PREVIOUSNEXT >>
RELATED NEWS ITEMS

The phosphate-based Epoch batteries are equipped with an advanced management system that will monitor and adjust cell performance.

The battery system was developed by CSIRO in Australia, built by the Furukawa Battery Company of Japan and tested in the United Kingdom through the American-based Advanced Lead-Acid Battery Consortium.

The new batteries will make the GM Hybrid System nearly three times more powerful than the system it replaces. Pictured is 2009 Saturn Vue Green Line with Two-mode hybrid drive.

READER COMMENTS

blog comments powered by Disqus