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.
Paul is a freelance writer with a background in everything from motoring to finance; and holidays to women's undergarments he just writes about them, honestly! He has now sadly crept into his early 30s and seems to have forgotten everything learned at school Still, he's a green car fanatic and isn't that what counts?
Nancy
What will happen to the shareholders?
February 04, 2013
Dave
What will happen to the shareholders?
February 02, 2013
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
February 01, 2013
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?
February 01, 2013
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..
February 01, 2013
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
February 01, 2013
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
February 01, 2013