Auto Electronics

A123Systems secures $30 million additional funding

A123Systems, which develops patent-pending Nanophosphate lithium ion batteries, said it has completed a $30 million round of funding, bringing the total capital invested in the company to $132 million. Investors in the latest round include GE Energy Financial Services, and CMEA Ventures.

A123Systems will use the funds to increase production capacity 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.

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