Auto Electronics

GE leads $40 million A123Systems venture round

Lithium-ion battery developer A123Systems said it has completed a $40 million round of funding, bringing the total capital invested in the company to $102 million.

A123Systems will use these funds to scale its technology development and manufacturing capacity for plug-in hybrid electric vehicle (PHEV) batteries, as well as to support demand in the power tool, hybrid electric vehicle (HEV) and consumer applications markets.

This latest round was led by General Electric Commercial Finance, which is significantly increasing its investment in A123Systems. Also participating is new investor Procter & Gamble. Prior investors participating include Alliance Capital, FA Technology Ventures, North Bridge Venture Partners, Sequoia Capital, OnPoint, the Massachusetts Institute of Technology, Motorola, Qualcomm, and Desh Deshpande, the company's board chairman.

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