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Battery maker A123Systems is born again

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.A123Systems Logo

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.

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Paul Lucas

Filed under: Latest News, Green cars, Lithium-ion batteries

7 comments

Leonard Ansin

The news sounds great. Especially for the city of Waltham, ma, where I'm from.
There are many shareholders, from AONEQ, that still have an ownership. Will they receive anything or is their investment gone?
Thank you

R. Coleman

I have the same question. Taking a beating with the hope that the stock will rise from the ashes. Am I wrong to hold on, or should I let the stock go?

Faye Sunderland

Hi guys

I'm no stock exchange expert, but I would say this article on Forbes makes good reading: http://www.forbes.com/sites/tomkonrad/2012/08/08/a123-deal-with-chinas-wanxiang-would-value-stock-at-0-77-a-share/. I guess a lot weighs on the deal being approved..

Susan

It's worth nada for all of us who lost our shirts!http://info.a123systems.com/Portals/133376/docs/project%20monopoly/a123%20systems_shareholder%20faq.pdf

Mike B.

Well, A123 stated that after the acquisition is complete, the stock will be delisted and will go down to 0 dollars losing all money for all investors. Its available in here:http://info.a123systems.com/Portals/133376/docs/project%20monopoly/a123%20systems_shareholder%20faq.pdf

Dave

What will happen to the shareholders?

Nancy

What will happen to the shareholders?

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