Monday, November 03, 2008 3:47:35 PM
Posted on October 22, 2008 at 4:33 PM
Billions of dollars are headed into the hybrid/electric car business and into the devices that will run them. General Electric Co. invested $30 million in A123Systems Inc., bringing its total investment to $55 million, or 9%, in the Watertown, Mass., lithium ion batter maker. A123 claims that unlike standard Li-ion batteries, its product isn't prone to overheating and has greater power density, lower weight and lower cost.
Reuters reported that A123, working with Germany's Continental AG, is in the running to supply Li-ion batteries to General Motors Corp. for its Chevy Volt (pictured), a plug-in car the No. 1 U.S. automaker aims to begin selling in 2010. The report said Compact Power, a unit of South Korea's LG Chem Ltd., is the other contestant in that race.
In August, A123 filed for an IPO, but as strained credit markets practically made IPOs go the way of the dinosaur, the company hasn't set a date to price.
One could speculate, if OPEC doesn't cut production -- or a cut is ineffective -- at its Oct. 24 meeting, deflated oil prices could strain the influx of cash in to the alternative energy industry. But A123 has its game plan in order. Congress is tightening fuel standards for automakers. A123 said the fuel economy standard increased 40% to 35 miles per gallon by 2020 -- it is estimated that to meet these new vehicle efficiency standards, half of all cars must be hybrid by 2020.
http://www.thedeal.com/corporatedealmaker/2008/10/ge_betting_on_battery_maker_a1.php
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