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

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.

Comments

Davemart

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

HarveyD

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

kelly

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

CarCrazy

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

Brotherkenny4

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.

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