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GE Invests in Car-battery maker A123 Systems Inc

By Amarendra Bhushan for CEOWORLD Magazine Updated:April 13, 2009

Car-battery maker A123 Systems Inc, world’s leading suppliers of high-power lithium ion batteries, 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 according to wsj.

A123Systems is now one of the world’s leading suppliers of high-power lithium ion batteries using our patented Nanophosphate™ technology designed to deliver a new combination of power, safety and life.

Our breakthrough technology, innovative multinational manufacturing model, team of tier-one investors, and experienced executives are providing the power to change the game for today’s OEM, Transportation, and Cordless Solutions manufacturers.

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.

David Vieau
President and CEO

David Vieau is the President and CEO of A123Systems. Mr. Vieau has served as A123Systems only President and CEO, joining the company in March of 2002, three months after the company’s initial financing. He brings more than thirty years of experience and leadership in developing rapid-growth technology and component businesses. Applying his expertise to A123Systems, Mr. Vieau has led the expansion of A123 from its initial creation to currently more than 1,100 employees, and through more than $250 million in private financing.

Prior to A123Systems, Mr. Vieau held corporate officer positions at American Power Conversion [NASDAQ: APCC], serving as VP of Marketing and VP of Worldwide Business Development. During his nine years at APC, Mr. Vieau helped grow the company from $50MM to $1.5B, becoming the world leader in power protection for PC and IS markets and employing 6,000 globally.

Mr. Vieau serves as a Board Member for Avocent, a leading global provider of IT infrastructure management solutions for enterprise data centers. He earned a Bachelor of Science Degree in Mechanical Engineering from Syracuse University in 1972.

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Tagged with: A123 Systems, A123 Systems Inc, and Cordless Solutions manufacturers, Car-battery maker, David Vieau, GE, General Electric, General Electric Co, lithium ion batteries, OEM, Transportation

JimmieBlake

Because of the financial crisis the world is facing many companies have closed their gates. The fact that GE invested in A123 Systems Inc may be their one saving grace. They will be able to make their innovative batteries and get over this crisis unharmed. If only more companies would have the courage to invest, maybe the crisis would come to an end more quickly.

T1 Rex

Right now there is an insatiable demand for automobile size lithium ion batteries, although once production is ramped up and prices start decreasing I could see these being used in home backup power systems as well.