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.