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A123Systems Receives $30 Million Fourth Funding

Wednesday, October 24, 2007 5:00:00 AM PDT | VentureDeal Staff

WATERTOWN, MA -- Battery developer A123Systems said that it has secured a fourth round of funding, receiving $30 million from a large syndicate of venture capital firms and strategic partners.

The company has developed advanced lithium-ion battery technology that can be applied to a variety of products, especially the automotive market. 

The company said that it will use the funds to increase production capacity for hybrid electric and related designs for major automakers including General Motors.

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