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.

Related UPI Stories
Latest Headlines
Trending Stories