A123 is a Boston-based battery manufacturing company that has big plans to produce automotive lithium-ion cells in the USA.
The company was formed from a lab at MIT where a unique nanophosphate cathode material was developed. This unique material enables a high power, high energy density, long-life battery.
The company has relationships with multiple automakers including GM, Daimler, Think, and Chrysler. They have also announced intentions to build a US battery plant and have an IPO planned for later this year.
Today the company announced they were granted $249 million in Recovery Act funding. They will have to match these funds as they are dispersed.
The company will use the money to build a world-class lithium ion battery factory in Livonia Michigan.
“This grant is another exciting step towards creating an American battery infrastructure, which may reduce our dependence on foreign oil and increase our nation’s energy security,” said David Vieau, A123Systems’ president and chief executive officer. “The capital provided by the DOE’s investment will help us speed our growth and better compete in global markets.”