A123 (AONE) Shares Rally as Co. Touts New 'Breakthrough' Technology
Tweet
Share
E-mail
Get Alerts AONE Hot Sheet
Join SI Premium – FREE
Shares of A123 Systems (Nasdaq: AONE) are up more than 20 percent in Tuesday's pre-open session following a late-Monday report from the Detroit Free Press which suggests the company has achieved a "major breakthrough" in battery technology for electric vehicles.
The technology, called nanophosphate EXT, depends on chemical advances to lower a requirement for the system which cools batteries. The Free Press said the new technology could lower the cost of electric vehicles by as much as $600.
While A123 gave sparse details on the nanophosphate EXT technology, the company's VP of Automotive Solutions, Jason Forcier, said the company has already secured an unnamed German automaker as a customer. Production will begin early next year.
The technology, called nanophosphate EXT, depends on chemical advances to lower a requirement for the system which cools batteries. The Free Press said the new technology could lower the cost of electric vehicles by as much as $600.
While A123 gave sparse details on the nanophosphate EXT technology, the company's VP of Automotive Solutions, Jason Forcier, said the company has already secured an unnamed German automaker as a customer. Production will begin early next year.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Boeing names Ryan Shedd as new SVP and controller
- BIGG Digital Assets to rename as Surge Digital, consolidate shares
- Two Harbors receives final approval for CrossCountry Mortgage merger
Create E-mail Alert Related Categories
Corporate News, Momentum Movers, RumorsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
