Some tidbits which may be important regarding the Volt. Seems like they may have beaten LG for the Volt contract.
123Systems, developer and producer of patent-pending Nanophosphate™ lithium ion batteries, today announced it has completed a $30 million round of funding, bringing the total capital invested in the company to $132 million.
A123Systems will use these funds to increase production capacity for new contract awards for hybrid electric, plug-in hybrid electric and extended range electric vehicle design wins with major automakers including a contract to co-develop proprietary cells for the GM E-FLEX program.Demand for the company’s products has grown significantly in the past year and A123Systems has recently opened for business its new, state-of-the-art manufacturing site for the company’s Automotive Class Lithium Ion batteries.
“We continue to scale our production-proven and cost-effective designs to meet demand as we expand our presence in the automotive, aviation and hand-held power tool markets,” said David Vieau, CEO and president of A123Systems. “We have vertically integrated production from key raw materials to finished cells, incorporating best practices at every level to deliver high quality products with superior performance,” added Vieau.