DOE earmarks $2B to charge up 35 battery makers
This week, the Department of Energy announced it would divide $2 billion in federal grants between 35 battery companies, including battery makers, component providers and electric vehicle firms. Applications for these economic stimulus grants, ranging in size from $100 to $150 million, come due Tuesday of next week.
Candidates for the money are required to prove they already have the funds to cover half of their project costs. Winners will be announced in July and receive… Continue Reading
Can batteries save Detroit? $300M tax credits say yes
The hits keep on coming for the battered automotive industry and its home base in Detroit, Mich. But there might be a new source of hope: Lithium-ion batteries for electric and hybrid cars. With few other places to turn, the state has bet all its chips on the technology, approving $300 million in tax credits for four advanced battery makers who have set up shop there.
Approved by the Michigan Economic Growth Authority, the credits are… Continue Reading
Car battery maker A123 scores $15M more from GE
A123 Systems, maker of lithium-ion batteries — primarily for hybrid and electric cars — has nabbed another $15 million in funding from General Electric, marking the seventh time the conglomerate has invested in the capital-rich startup. This brings the total of A123’s recent round of financing to $69 million.
The Watertown, Mass.-based company says it plans to use the money to construct battery factories in Michigan close to its key automotive clients. These days, it’s rare… Continue Reading
Vehicle sharing service Zipcar brings plug-in hybrids on board
Zipcar, the Cambridge, Mass.-based company that allows users to rent cars online without ever speaking to an agent, has added plug-in hybrid vehicles to its San Francisco fleet. This is part of a national pilot program to increase public awarenss of new electric vehicle technology, says the service, which integrated hybrid vehicles in 2003.
Essentially, this pilot will allow one of the greenest cities in the country to test-drive the cars of the future, Zipcar executives… Continue Reading
EcoCAR competition unveils student designs for cars of the future
EcoCAR:The NeXt Challenge, a competition sponsored primarily by General Motors and the Department of Energy, announced its big reveal of 17 futuristic vehicle designs submitted by students from various colleges around the U.S. Taking participants from the brainstorming stage through the production of a prototype, the three-year contest is meant to showcase realistic green concepts on the verge of becoming reality — from electric motors to hydrogen fuel cells.
Here’s a quick roundup of the designs… Continue Reading
A123 and Imperium exemplify the boom and bust of cleantech
There’s a bad moon on the rise for Imperium Renewables. The biodiesel maker has lost a major contract that was one of the lynchpins holding the company together, according to the Seattle PI’s John Cook, who has been chronicling the company’s rise and fall.
Imperium, as you may recall, is a biofuel startup founded in 2004. It hit a growth streak in 2006 and secured a massive $113 million investment the following year, as hype grew… Continue Reading
Roundup: A123 files for IPO, Nokia opens in Africa, Calera comes out, and more
A123 Systems files proposal for IPO — Lithium-ion battery maker A123 Systems, which aims to sell into the electric vehicle market, has filed the initial registration statement required for an initial public offering. The number of shares to be sold or price has not yet been determined.
Nokia opens research unit in Africa — Aiming to keep ahead in Africa’s growing telecommunications market, handset maker Nokia has opened a unit to study which services will work best on… Continue Reading
PowerGenix hopes to overtake NiMH dominance with alt-chemistry rechargeable batteries
With the market for hybrid electric vehicles (HEVs) finally starting to heat up in earnest, several companies are making big bets on advanced rechargeable battery technologies. One of these is PowerGenix, a San Diego, Calif.-based startup that makes nickel-zinc (NiZn) batteries.
Another is ZPower, a startup that hopes to oust lithium ion as the dominant technology by developing advanced silver-zinc (AgZn) batteries. While they offer greater power density, AgZn batteries haven’t been used much because they… Continue Reading
GE invests in Think electric car and A123 Systems
In two connected investments, General Electric has put $4 million into Think, a Norwegian electric car manufacturer, and $20 million into A123 Systems, which manufactures batteries that are used in the cars.
Both companies are already well funded. Think has taken over $80 million to date and A123 has topped $150 million (past coverage here). The new investment by GE makes it the single largest shareholder in the latter company.
A123 is also planning an IPO sometime… Continue Reading
Battery company, A123 Systems, loaded with cash
Battery maker A123 Systems has secured its place as the most heavily funded battery startup, adding $30 million in its fifth round of funding.
Early this year, A123 broke $100 million. The Watertown, Mass. company, which is developing new lithium ion technology, already has some products on the market, mainly batteries for hand-held power tools. More importantly, companies like General Electric are considering its technology for use in upcoming hybrid vehicles.
A123 has shown itself to be… Continue Reading