facebook
twitter
rss
account
search
search
 

A123Systems advances lithium-ion battery

April 13, 2009 at 4:05 PM   |   Comments

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.

© 2009 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
2014: The Year in Music [PHOTOS]

2014: The Year in Music [PHOTOS]

Most Popular
1
Kurds raise oil funds for refugees
2
Brazil Air Force, Saab discuss Gripen procurement deal
3
Abercrombie & Fitch axes logos after years of declining sales and bad press
4
U.S. oil pipeline output increasing
5
Google completes first phase of testing drone delivery system
Trending News
Video
x
Feedback