A123

A123 spinoff 24M funded for novel energy storage

Yet-Ming Chiang, the MIT professor whose research led to the creation of lithium ion battery company A123 System, and his colleagues have started a new company to address the limitations of today's rechargeable batteries.

Called 24M Technologies, the early-stage company on Monday announced that it has raised $10 million in a series A round of venture funding from Charles River Ventures and North Bridge Venture Partners. 24M Technologies also recently received a grant from the Department of Energy which will bring the Cambridge, Mass.-based company between $5.5 million and $6 million.

The technology behind 24M came about … Read more

A123 Systems ramps up, spins off battery start-up

Despite all the attention that Tesla Motors gets, lithium ion battery maker A123 Systems is just as much a bellwether for public green-technology companies.

A123 Systems on Tuesday reported its second-quarter results which appeared to disappoint investors; its stock was down more than 10 percent Wednesday morning.

The company is currently seeking to scale up to bring down product costs and meet anticipated demand for its technology. In its earnings call, executives said A123 Systems has made progress in pursuing supply deals for passenger cars, heavy-duty vehicles, and grid storage.

It announced a deal to supply 44 megawatts worth of … Read more

Peeking under the hood at the EcoCar Challenge

It's hard enough building an electric car from the wheels up, carefully selecting lightweight materials and creating an efficient yet robust power train with commercial appeal. But it's arguably tougher to take a stock approximately 4,000-pound hybrid SUV, remove its internal bits, design and squeeze in alternate components not designed for automotive uses around an existing infrastructure, put everything back together, and hope it passes a 300-point safety check.

Now try tackling all this during finals.

As part of the GM's EcoCar Challenge, a program sponsored in conjunction with the Department of Energy and several automotive suppliers, 16 university teams of undergraduate and graduate students are competing in a three-year competition to plan, develop, and refine an alternative fuel SUV that meets commercial and consumer standards.

Competing for more than $100,000 in prizes each year, teams are required to replace the SUV's existing hybrid engine and transmission with an extended-range, plug-in electric, fuel-cell, or all-electric power train using their choice of B20, E85, or liquid hydrogen fuel. The vehicles are judged on fuel economy, well-to-wheel emissions reduction, performance, and towing, to name a few factors.

On May 20, I visited GM's Desert Proving grounds in Yuma, Arizona as the teams prepared to test their vehicles in the second stage of the competition. Seeing these modified SUVs in various stages of undress and watching students racing to troubleshoot and reassemble their vehicles like young Nascar pit teams, I quickly realized that my college experience was a waste of time. … Read more

A123 signs battery deal

Advanced battery manufacturer A123 Systems Inc. plans to manufacture advanced lithium ion battery systems for all-electric delivery vehicles at a plant in suburban Detroit scheduled to open later this month.

A123 said last week it has signed an agreement with Navistar International Corp. to develop lithium ion battery systems for Navistar-Modec EV Alliance, a joint venture between commercial vehicle maker Navistar and electric vehicle manufacturer Modec.

The all-electric vehicles made by the joint venture will have a gross vehicle weight of about 12,000 pounds with a two-ton payload and will be used primarily as delivery trucks in urban areas. … Read more

Fisker taps A123 Systems for electric car batteries

Fisker Automotive has contracted with Boston-based A123 Systems to supply battery packs for the forthcoming Fisker Karma plug-in electric car.

A123 Systems on Thursday said that it will supply lithium ion-based systems to Fisker for use in the Karma luxury sedan, which is due in late 2010. The intent is to also supply batteries for Project Nina, a lower-end model from Fisker due in 2012.

As part of the deal, A123 Systems is investing up to $23 million in Fisker, which would be up to $13 million in cash and the rest in stock. The battery cells and systems are … Read more

Venture-backed companies see year-end surge

Battery maker A123 Systems in late September scored the biggest IPO among venture-backed companies in 2009, helping boost the overall value of such initial public offerings markedly from the preceding year.

Amazon's acquisition of Zappos, which closed in November, was the biggest takeover of a venture-backed company in 2009.

That economic activity from the final months of the year is grounds for optimism about 2010, according to industry tracker Dow Jones VentureSource.

"The fourth quarter has set the stage for an active year in M&As [mergers and acquisitions] in 2010," Jessica Canning, director of global … Read more

Battery maker A123 Systems charged from IPO

Lithium ion battery maker A123 Systems had a rousing debut on the public stock market on Thursday, giving some good news to legions of energy investors and entrepreneurs.

The Watertown, Mass.-based company, which was spun out of the Massachusetts Institute of Technology, saw its share prices rise over 50 percent from its offering price to close at over $20.

Through the initial public offering, the company is expected to raise over $400 million, Reuters reported. It had initially hoped to net $250 million but adjusted its offering price to raise more.

A123 Systems' IPO has been closely watched in … Read more

Batteries set to become $60 billion industry by '13

So far in 2009, battery companies have received over $600 million in venture capital funding, compared with $478 million garnered for 2008, according to research analyst Lux Research.

The investment isn't without reason. In a report released Tuesday, Lux predicted that the energy storage market will grow to become a $60 billion industry by 2013.

But for now, it's hard for even the experts to predict who will emerge as the victorious innovators. Instead of a few key players, there's a plethora of both established and start-up companies developing a wide range of approaches to power storage … Read more

Energy Department awards auto battery grants

The Department of Energy on Wednesday announced which U.S. companies have been awarded grants to build manufacturing plants for electric vehicle batteries.

The $2.4 billion program, established as part of the stimulus plan, sets aside funds for auto battery manufacturing and related components, such as electric motors. (Click here for a PDF to see the full list and for a map of the awards).

President Obama, appearing in Elkhart, Ind., and Vice President Joe Biden, in Detroit, were scheduled to announce the recipients and specific amounts. Energy Secretary Steven Chu is scheduled to speak Wednesday in Charlotte, N.… Read more