After struggling with a host of financial issues and slipping into bankruptcy, lithium-ion battery maker A123Systems (logo, pictured) has emerged from the ashes.
Now, a newly formed company has been established known as A123Systems LLC: which will be wholly owned by Wanxiang America Corporation.
It acquired all of the non-government business assets of the bankrupt company including its grid and commercial business assets, such as its US facilities in Missouri, Michigan and Massachusetts; its manufacturing operations in China; and its equity interest in Shanghai Advanced Traction Battery Systems Company.
Speaking about the acquisition, Pin Ni, who is the president of Wanxiang America, commented that it is an exciting expansion of the company’s portfolio and strategy of investing in clean-tech industries. He believes that A123 will be able to offer cutting edge technology for vehicle electrification and grid scale energy storage.
Indeed the new A123Systems LLC will target three core areas:
- Transportation: It will look to enhance its position in producing high voltage systems for passenger cars and commercial vehicles as well as increasing market opportunity for low voltage applications such as micro hybrid battery systems.
- Electric Grid: It will provide energy storage solutions and services meant to improve operational reliability and economic viability.
- Lead Acid Replacement: It will offer lithium-ion battery solutions meant to offer higher performance, lower costs and longer life compared to lead acid batteries that have traditionally been used in consumer and commercial applications.