A123 Systems (AONE) Unit Enters PHEV Battery Development Agreement with Geely

A123 Systems (Nasdaq: AONE), announced that Advanced Traction Battery Systems (ATBS), A123's co-owned Shanghai-based joint venture company, has been selected to develop battery packs for a new plug-in hybrid electric (PHEV) sedan from Geely, one of the fastest-growing automakers in China and the parent company of Volvo Car Corporation. Under the terms of the development agreement, A123 will supply 20Ah prismatic cells to ATBS for the production of complete lithium ion battery packs for Geely's new PHEV, which is expected to launch in China in 2014.

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