Quote:
Car-battery maker A123 Systems Inc. is expected to announce Monday that it has raised $69 million as part of its most recent capital campaign, and that primary backer General Electric Co. will gain a seat on the company's board in exchange for its investment.
The infusion will advance the Watertown, Mass., company's plans to build new factories in Michigan to manufacture the lithium-ion batteries, packs and modules it has been developing for the auto industry in recent years.
Mark Little, senior vice president and director of global research at GE, said he believes battery-powered vehicles are only a year away from being available to the average American consumer. "Even a 5% penetration in the auto industry is a huge market, and I see that happening quite rapidly," said Mr. Little, who will represent GE on the A123 board.
GE was an early investor in the battery maker, which said it has now raised more than $300 million since it was founded in 2001. A123 also makes batteries for power tools and for utility companies.
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Good news that investment in elecs and batts are still occuring in the current financial and auto markets. IIRC A123 is also now owner of Enerland. On top of hopes for better batt powered cars, hopefully this will trickle down into the small scale/RC market and we continue to see a rapid evolution in batt tech.
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