Financing Deal:US Battery Maker & China Firm

A123 Systems has reached a final agreement with Chinese company, Wanxiang Group that will provide emergency capital and eventually acquire a controlling stake in A123.

A123 Systems will receive an initial $25 million from Wanxiang. Over time, Wanxiang is expected to invest a total of $465 million and take an 80% ownership interest in A123.

The deal with Wanxiang Group, one of China’s biggest auto suppliers, is considered crucial to the survival of A123, a centrepiece of the Obama administration’s efforts to support battery manufacturing in the United States.

A123 has struggled mostly because of the slow pace of growth for electric vehicles in the United States. The company is also considerably smaller than Asian competitors that dominate the global battery industry.

Source and Read More 

If you want to know more about this and other topics directly from end users of energy storage technologies join us at one of these annual events: The Energy Storage World Forum (Grid Scale Applications), or The Residential Energy Storage Forum, or one of our Training Courses.

LATEST ARTICLES

Future energy predictions: Growth of flexibility and grid forming

  It is well known that COVID-19 has caused low energy demand and the growth of renewable energy across Europe. Now, Andrew Tang, Vice President for Energy Storage at Wärtsilä, predicts this will result in swift action to build better grid resiliency. The share of renewable power across Europe has skyrocketed over the last six…

Read More

Ultracapacitor UPS (U-UPS) for voltage dips and micro-interruptions

Power interruptions are the most frequent power supply problems with wide-ranging consequences for industry. The causes of these interruptions include short-circuits in the distribution grid, lightning strikes, the connection and disconnection of power plants as well as volatile energy producers such as wind and solar. Because technologies and production processes are becoming increasingly complex, the…

Read More

★REVIEWS

“Probably the most interactive and well organized storage event on the calendar.”

★★★★★

Sales Director, S&C

“Great topics, competent speakers, good networking: keep it like that.”

★★★★★

TLC & SCADA Manager, FRI-EL

“High scientific content, well targeted, perfect organization.”

★★★★★

Expert Technical & Governance, Elia

Excellent networking event. The sponsorship was well worth it.”

★★★★★

Manager, ATL

View More

x