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A123Systems advances lithium-ion battery

April 13, 2009 at 4:05 PM

WATERTOWN, Mass., April 13 (UPI) -- U.S.-based A123Systems is gaining investments to advance its development of a more efficient lithium-ion battery and smart grid.

So far the company has raised $69 million from General Electric and other investors, the company said in a news release.

The Massachusetts company was also recently chosen to power Chrysler's first generation of electric vehicles.

GE's most recent investment of $15 million is the company's seventh investment in A123, making it the company's largest cash investor.

GE's ownership stake is now more than 10 percent.

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