amazon

twitter

※twitterでUCニュース配信はじめました。ユーザー名 a77a フォロー自由です

2008/08/10

A123 Systems going public


http://media.cleantech.com/3211/a123-systems-going-public
August 8, 2008
The battery maker files to raise up to $175 million in an initial public offering.
Watertown, Mass.-based A123 Systems, which makes advanced lithium-ion batteries and battery systems for the transportation, electric grid and portable power markets, announced today that it plans to raise up to $175 million in an initial public offering.

The company has not yet set the number of shares or a price range, but expects to trade on the Nasdaq under the symbol "AONE."

The news of the filing comes amid a rocky time for the auto industry, which is retooling for smaller, more efficient cars after a drop in sales of larger, gas-guzzling SUVs and light trucks.

A123 Systems has already inked deals that could put its batteries in electric and hybrid vehicles from Norway's Think Global and Detroit's General Motors (NYSE: GM) (see GM, A123Systems to co-develop battery).

The planned share sale also follows a development milestone from a potential competitor in the energy storage market. Last month, Cedar Park, Texas-based ultracapacitor developer EEStor announced the enhancement of its chemical purification processes (see EEStor's Weir on ultracapacitor milestone).

A123 Systems is backed by Waltham, Mass.-based North Bridge Venture Partners, Fairfield, Conn.'s General Electric (NYSE: GE), San Diego-based Qualcomm (Nasdaq: QCOM) and Schaumburg, Ill.'s Motorola (NYSE: MOT). GE grabbed an equity interest in the battery maker in March, shelling out more than $20 million for a 10.4 percent stake (see GE invests $24M in electric car technology).

A123 Systems plans to use cash from the share sale to expand its manufacturing facilities, repay debt, and for an expansion of its research and development and sales and marketing. Some of the funds could also go toward acquisitions of other companies, assets or technologies, according to the filing.

The joint book-running managers of the offering are Morgan Stanley and Goldman Sachs.





0 件のコメント: