A123 Systems LLC Completes Acquisition of Substantially All Non-Government Business Assets of A123 Systems, Inc.
WALTHAM, Mass., Jan. 29, 2013 (GLOBE NEWSWIRE) -- A123 Systems LLC, a newly formed, wholly owned subsidiary of Wanxiang America Corporation, today announced that it has acquired substantially all of the non-government business assets of A123 Systems, Inc. Included in the acquisition, which has received approval from the Committee on Foreign Investment in the United States (CFIUS), are A123's automotive, grid and commercial business assets, including technology, products, customer contracts and U.S. facilities in Michigan, Massachusetts and Missouri; its manufacturing operations in China; and its equity interest in Shanghai Advanced Traction Battery Systems Co., A123's joint venture with Shanghai Automotive. Excluded from the acquisition is A123's Ann Arbor, Mich.-based government business, including contracts with the U.S. military.
"We are excited to add A123 Systems to our growing portfolio of companies as we continue to expand on our strategy of investing in the automotive and cleantech industries in the U.S.," said Pin Ni, president of Wanxiang America. "A123 will continue to offer cutting-edge technology for vehicle electrification and grid-scale energy storage, strong manufacturing and systems engineering capabilities and a world-class R&D team. Wanxiang America will continue to foster the technologies A123 has worked so hard to develop, and we believe this combination positions A123 for long-term success. We'd also like to thank Dave Vieau for his years of dedication and service to A123."
A123 Systems LLC will leverage its industry-leading research and development capability to bring innovations at the chemistry, cell and system level to market while also ramping up manufacturing at its facilities in Michigan and Massachusetts to meet demand from customers in three core business areas: transportation, electric grid and lead-acid replacement. In addition, A123 will continue operating its existing manufacturing facilities in China.
- Transportation— In addition to its market leading position in commercial vehicles and its strong global presence in passenger car high-voltage systems, A123 Systems LLC will capitalize on the increasing market opportunity for its technology in low-voltage applications, including start-stop microhybrid battery systems. The company is also committed to continue executing on previously announced customer agreements introducing next-generation vehicles to market, including the ActiveHybrid 3 and ActiveHybrid 5 HEVs from BMW, the Chevrolet Spark EV from General Motors, and the Roewe 550 plug-in HEV and Roewe E50 EV from Shanghai Automotive, China's largest automaker.
- Electric Grid— A123 Systems LLC will continue to focus on its mission to enable the transformation of energy production and delivery through its energy storage solutions and services that are designed to significantly improve the operational reliability, economic viability and efficiency of electric power grids.
- Lead-Acid Replacement— A123 Systems LLC will continue to service key strategic customers by supplying lithium ion battery solutions designed to deliver higher performance, longer life and lower total cost of ownership as compared with traditional battery chemistries for industrial, commercial and consumer applications.
About A123 Systems LLC
A123 Systems LLC, a wholly owned subsidiary of Wanxiang America Corporation, is a leading developer and manufacturer of advanced lithium-ion batteries and energy storage systems for transportation, electric grid and lead-acid replacement applications. The company's proprietary Nanophosphate® lithium iron phosphate technology is built on novel nanoscale materials initially developed at the Massachusetts Institute of Technology and is designed to deliver high power and energy density, increased safety and extended life. A123 leverages breakthrough technology and expert systems integration capabilities to deliver innovative solutions that enable customers to bring next-generation products to market. For more information, please visit www.a123systems.com.
About Wanxiang America Corporation
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