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

Annual Installed Capacity Significantly Increases

While the global market was under the haze of the epidemic and many countries were still in lockdown, the energy storage market showed extremely strong resilience and began to recover and grow since Q3 and Q4 of 2020. According to the BloombergNEF report, the global energy storage market in 2020 has developed faster than expected,…

Read More

Energy Storage Systems: the role of an Integrator

Simplifying BESS deployments by mastering their associated risks With the introduction of Battery Energy Storage Systems ‘BESS’, a new role has been created on the value chain. It is the role of a BESS integrator. The role of an integrator can be misunderstood at times or blended with other roles at other times. This is…

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