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  • A123 Systems, Inc. (AONE) Announces Partnership Expansion with IHI Corp. 0 comments
    Nov 7, 2011 2:27 PM | about stocks: AONEQ

    Located in Waltham, Massachusetts, A123 Systems has quickly earned a reputation as a leading developer and manufacturer of advanced lithium-ion batteries and energy storage systems for transportation, electric grid and commercial applications. Today, A123 took a major step towards prominence with the announcement that they have expanded their business development partnership with IHI Corporation.

    IHI is one of the largest industrial equipment manufacturers in Japan and this partnership will help address Japan’s increasing need for the development of practical energy solutions for passenger and commercial electric vehicles. According to today’s press release, IHI will make a $25 million equity investment in A123.

    Under the terms of a technology license agreement, IHI will be the exclusive provider of A123 battery systems and modules in the Japanese transportation market, licensing A123′s advanced battery system technology and systems integration expertise to manufacture solutions for electric vehicles. It is expected that this will enable A123 to leverage the customer relationships IHI has developed with leading Japanese automakers. A related product supply agreement also establishes A123 as the exclusive supplier of lithium ion battery cells to IHI for transportation as well as non-transportation applications that IHI may develop as a future value-added reseller, which has the potential of creating new market opportunities for A123 technology across IHI’s global businesses.

    One of the leader’s at A123 is Jason Forcier whom serves as the Vice President of the Automotive Solutions Group at A123. In reference to this partnership agreement, Forcier stated, “IHI is a well-established technology supplier to the Japanese auto industry , so we believe that expanding our relationship provides us with a strong strategic partner to help us more effectively and efficiently deliver our solutions to the Japanese transportation market” Forcier added, “Additionally, we believe that we have a competitive advantage as the exclusive provider of lithium ion battery cells to IHI for the licensed applications as well as potential additional applications beyond transportation, allowing us to capitalize on new market opportunities introduced by IHI’s robust global network of businesses.”

    Currently, A123 Systems is trading in the $3.17 range. To learn more about the company as a whole, visit their corporate website at: www.a123systems.com

    Please see disclaimer on the MissionIR website http://www.missionir.com/disclaimer.html

    Stocks: AONEQ
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