Green Car Congress  
Go to GCC Discussions forum About GCC Contact  RSS Subscribe Twitter headlines

« Chinese automakers bring hybrids and plug-ins to Detroit, Geneva auto shows | Main | Wind Explorer EV crosses Australia for less than $15 of electricity; kite-assisted »

Print this post

A123 expects assets sales to Wanxiang and Navitas to close by 1 Feb

19 January 2013

A123 Systems expects that the agreements for the purchases of its assets by Wanxiang America Corporation and Navitas Systems LLC to close, pursuant to the terms set forth in the agreements, by 1 February 2013. (Earlier post.)

In a short statement, the company said that it continues to work with Wanxiang and Navitas to prepare for the closing of the transactions.

According to the terms of the agreements, Wanxiang will acquire A123’s automotive, grid and commercial business assets, including all technology, products, customer contracts and US facilities in Michigan, Massachusetts and Missouri; its cathode powder manufacturing operations in China; and its equity interest in Shanghai Advanced Traction Battery Systems Co., A123’s joint venture with Shanghai Automotive.

Excluded from the asset purchase agreement with Wanxiang is A123’s Ann Arbor, Mich.-based government business, including all US military contracts, which would be acquired for $2.25 million by Navitas Systems, a Woodridge, Ill.-based provider of energy-enabled system solutions and energy storage products for commercial, industrial and government agency customers.

January 19, 2013 in Brief | Permalink | Comments (5) | TrackBack (0)

TrackBack

TrackBack URL for this entry:
http://www.typepad.com/services/trackback/6a00d8341c4fbe53ef017d402c1e55970c

Listed below are links to weblogs that reference A123 expects assets sales to Wanxiang and Navitas to close by 1 Feb:

Comments

Excellent news.
I am really looking forward to seeing the nanophosphate.ext battery coming on the market, which should open new frontiers in durability and high and low temperature performance:
http://www.a123systems.com/lithium-ion-battery-technology.htm

Hope that Wanxiang can improve the performance (energy density) and lower the price per kWh by 2015 or so.

Bet W is glad the Feds stepped in and got A123 for half their original offer.

Feds are Feds - there is nor limit for s... almost said that... for not looking ahead.

It was really funny how A123 was such a "big government" boondoogle until Wanxiang wanted them and then it suddenly became this originator of top secret military batteries. Damn you Wanxiang, A123 was supposed to die like our VCers and politicians wanted. Never mind that the tech fits nicely into some very specific future markets. That kind of info is irrelevant to the frat boys that run the investment firms.

Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Working...
Your comment could not be posted. Error type:
Your comment has been posted. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.

Working...

Post a comment

Green Car Congress © 2014 BioAge Group, LLC. All Rights Reserved. | Home | BioAge Group