ecomagination

As GE looks to accelerate the expansion of U.S. lithium ion battery manufacturing and smart grid capabilities, the company unveiled a new investment in A123Systems. The invested capital will help create new jobs by expanding A123’s current facilities, build new factories in Michigan, and support A123’s efforts to develop applications for the smart grid, such as utility-scale energy storage.

As emissions standards and fuel availability become more serious issues facing the automotive industry, manufacturers have turned to new advancements in the electrification of vehicles. Among the companies using A123 batteries, battery systems and technology are customers spanning across the transportation, grid energy storage and portable power industries.

GE Energy Financial Services and GE Capital’s Equity unit provided $15 million in funding as part of GE’s seventh investment in A123. GE is now the company’s largest cash investor, with a cumulative investment of $70 million and an ownership stake of more than 10 percent.

Beyond providing capital, GE Global Research provided system design expertise and supported A123’s stationary power product development for electric grid applications, and helped to design battery system components for A123’s automotive programs.