A123Systems reports Q3 loss, but stays upbeat after IPO
Lithium-ion battery maker A123Systems had a big third quarter. Its $380 million initial public offering exceeded expectations and got investors talking about cleantech exits again. Then it compounded that victory by winning a $249 million grant from the U.S. Department of Energy — one of the largest sums ever given to a battery company.
But neither of these events kept the never-profitable company from reporting even greater losses than it saw in 2008 this week —… Continue Reading
CMEA pulls plug on $500M late-stage cleantech fund
CMEA Capital has decided against raising a new $500 million fund to back late and growth-stage cleantech companies, Dow Jones VentureWire reported earlier today. The news is interesting for two reasons: 1) It suggests a shift in strategy for CMEA, one of the largest investors in the green space, according to yesterday’s Greentech Media report on the sector; and 2) It may be further proof of cleantech’s rebound from the downturn — venture firms like… Continue Reading
Green investing bounces back from recession
Venture Capital investment in green technology companies has jumped to tie pre-recessionary levels, according to a new report out of Greentech Media. With $1.9 billion spread over 112 deals, this year’s third quarter trounced figures from earlier this year, signaling a stronger than anticipated comeback for the sector, which took a beating during the economic downturn last fall.
To put the recent numbers in context: the second quarter this year saw $1.2 billion distributed across 85… Continue Reading
A123 IPO charges the market as share price jumps 50 percent
Yesterday, we reported that advanced battery company A123Systems‘ initial public offering would be a bellwether for the rest of the energy storage industry, whether it soared or flopped. With all eyes fixed on its predicted $13.50 share price, the stock (AONE) proceeded to wallop the market, closing at $20.29 a share — a more than 50 percent jump in value.
Clearly this bodes well for the Watertown, Mass., company’s battery-making peers. A123Systems had never even crossed… Continue Reading
A123Systems is ready for its close up — preps for tomorrow’s IPO
A123Systems is the name on everyone’s lips today as the most gabbed-about IPO of the week — maybe even of the last few months — preps to go live on the Nasdaq tomorrow morning as AONE. The Watertown, Mass., company made news yesterday, hiking its share prices. And today, industry analysts are stepping back, looking at what the sale might mean for other advanced energy storage companies hoping to follow suit.
A123 is of particular interest… Continue Reading
GM announces $43M battery plant for its Chevy Volt
General Motors became the first major automaker to announce plans for a battery manufacturing facility today, unveiling a roadmap that will jump start production of up to 70,000 lithium-ion battery packs a year by the end of 2010.
The batteries produced will be used primarily in the car company’s long-anticipated electric Chevy Volt. The plant will be located near GM’s headquarters in Michigan, which is quickly becoming a mecca for the battery industry, with A123Systems, Johnson… Continue Reading
DOE juices battery companies with $2.4B in stimulus funds
After months of applications and speculation, the U.S. Department of Energy has finally announced the winners of the $2.4 billion in stimulus grants earmarked for the advanced battery industry. With a tight focus on batteries tailored to next-generation cars, the department used the money to once again prop up the country’s ailing automotive royalty — setting them up as natural leaders in the battery sector going forward.
General Motors, for example, is slated to received upwards… Continue Reading
Envia raises $3.2M for lithium ion batteries
Envia Systems, a company that provides energy storage services via lithium ion batteries, took $3.2 million in first-round funding from Bay Partners and Redpoint Ventures. The Hayward, Calif.-based firm hopes to integrated its technology into cleantech applications, particularly electric vehicles, hybrid electric vehicles and plug-in hybrids.
The adoption of lithium-ion batteries over heavier nickel-cadmium batteries has pushed electric car development forward, but they are still said to still be prohibitively expensive for regular use. Envia also… Continue Reading
Battery maker, A123Systems, acquires hybrid-electric retrofitter, Hymotion
Clean-tech blogger Tyler Hamilton reports that Sequoia-backed Watertown, Mass-based battery maker A123Systems has quietly acquired Concord, Ontario-based Hymotion, which provides a kit to retrofit hybrid-electric cars into plug-in models. The two companies are already working together to supply plug-in hybrids to fleets in California and New York
A123Systems raises $40M more for car battery, in showdown with EEStor
A123Systems, the Watertown, Mass. company selling high-power lithium-ion batteries, said it has raised $40 million more in a fourth round of funding, bringing the total invested in the company to $102 million.
The funding comes amid increased interest by auto-makers and the public in electric cars, as the nation tries to remove itself from dependency on gasoline. The company has competitors, such as Valence, Saft and Lion Cells, a more secretive company backed by Battery Ventures… Continue Reading