A123 Systems (AONE) Expands Battery Tech License with IHI; Will Receive $25M Invesment
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A123 Systems (Nasdaq: AONE), has expanded its business development partnership with IHI Corporation to more strategically meet increasing demand for A123's solutions in the Japanese transportation market.
A123 will license its battery system technology to IHI, which will develop solutions for passenger and commercial electric vehicles in Japan using A123 battery cells.
In addition, IHI will make a $25 million equity investment in A123.
From the release: "Under the terms of a technology license agreement, IHI will be the exclusive provider of A123 battery systems and modules in the Japanese transportation market, licensing A123's advanced battery system technology and systems integration expertise to manufacture solutions for electric vehicles. It is expected that this will enable A123 to leverage the customer relationships IHI has developed with leading Japanese automakers. A related product supply agreement also establishes A123 as the exclusive supplier of lithium ion battery cells to IHI for transportation as well as non-transportation applications that IHI may develop as a future value-added reseller, which has the potential of creating new market opportunities for A123 technology across IHI's global businesses."
IHI is one of the largest industrial equipment manufacturers in Japan.
A123 will license its battery system technology to IHI, which will develop solutions for passenger and commercial electric vehicles in Japan using A123 battery cells.
In addition, IHI will make a $25 million equity investment in A123.
From the release: "Under the terms of a technology license agreement, IHI will be the exclusive provider of A123 battery systems and modules in the Japanese transportation market, licensing A123's advanced battery system technology and systems integration expertise to manufacture solutions for electric vehicles. It is expected that this will enable A123 to leverage the customer relationships IHI has developed with leading Japanese automakers. A related product supply agreement also establishes A123 as the exclusive supplier of lithium ion battery cells to IHI for transportation as well as non-transportation applications that IHI may develop as a future value-added reseller, which has the potential of creating new market opportunities for A123 technology across IHI's global businesses."
IHI is one of the largest industrial equipment manufacturers in Japan.
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