A123Systems receives $69 million from GE, others

Lithium ion battery company A123Systems has received a $69 million investment round from General Electric and others, the company announced Monday.

With its latest funding, A123Systems plans to expand its facilities in Massachusetts and Michigan, as well as build new facilities in Michigan. A portion of the proceeds will also be used to develop applications for the smart grid, such as utility-scale storage. The company has its headquarters in Watertown, Mass.

GE invested $15 million toward this latest round, bringing its total investment stake to 10 percent in the company. A123Systems also announced GE will receive a seat on its board of directors.

"We've accelerated our plans to expand our U.S. manufacturing. We do not believe our country can afford to wait to develop advanced batteries," David Vieau, A123Systems chief executive, said in a statement.

A123's battery cells are used in hybrid electric vehicles and electric cars. The company's batteries and battery systems are also used for grid energy storage and portable power.

[websterphreaky]

That's appropriate ($69m) since dirtbag GE will undoubtedly eventually screw A123.

[willenuim]

I think the info at your site is very imformative but it never make the networks as important as the issues you cover its never on tv and we get the same soundbites and talking heads on the networks or maybe some progressive cable channels keep up the great work on the green and web 2.0 pages

[tipoo_]

Who chose that name for the company?

?Huh, lots of battery company names are taken??
?Uhh, what about battech??
?No no, that sounds like we make batmans stuff??
?Oh?Ok, how about A123 Systems??
?GREAT!!!?

Followed by the guys at GM:

?We need a good battery for the Volt??
?Hey, A123Systems is first in the phone book, they MUST be good!?
?GREAT!?