A123Systems Announces GE Investment and Joint Development Programs
A123Systems, a company with advanced technology for rechargeable batteries, recently received a timely "recharge" from a group of investors. GE Commercial Finance, in addition to acting as lead investor in A123’s latest fund-raising effort (a $40 million series D equity round which closed January 24) is also looking to see where A123Systems’ proprietary energy-storage technology can accelerate work already underway at GE on clean energy products. GE’s Global Research Center announced in late 2006 the first formal program, a $13 million joint initiative with A123Systems to develop a zero-emissions hybrid fuel cell bus.
"There is plenty of venture money around these days. We chose GE as lead investor in our latest round because of all the resources they bring to help us succeed," said David Vieau, President and CEO of A123Systems. "In a short time, our relationship with GE has grown into a real partnership, both financially and in business development. We are now working with GE’s top scientists on next generation products that might make a big impact on reducing greenhouse gas emissions."
"We make an extra effort to bring all the resources of GE to our customers," said Stefan Abbruzzese, a Senior Managing Director at one of the GE businesses involved with A123Systems.
Mark Huang, a Senior Vice President from GE added, "Our initial meetings between A123 and GE’s R&D team bore fruit with the announcement of the joint program to develop a zero emissions hybrid electric bus powered by hydrogen fuel cell technology. We continue to collaborate and explore other exciting joint technology programs with A123Systems."
