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 in which 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.
The batteries, which the company says last … Read more