Naperville, IL -- (SBWIRE) -- 10/22/2012 -- A123 Systems, Inc.- a developer and manufacturer of advanced lithium-ion advanced batteries and energy storage systems for transportation, electric grid and commercial applications, agreed to issue senior secured convertible notes, for gross proceeds of $200m, in a private placement. The placement will be subscribed by Wanxiang Group Corporation. A123 Systems, Inc. has signed a non-binding Memorandum of Understanding (MOU) with Wanxiang Group Corporation (Wanxiang). Wanxiang is among China’s largest automotive component manufacturers.
Wanxiang Group Corporation will invest up to $465m in A123 Systems, Inc. to strengthen its access to the grid-scale energy storage markets and vehicle electrification in China.
- The coverage of the deal report includes the overview of the deal and details on the key drivers of the deal.
- It also provides the company profile of the two companies - A123 Systems, Inc and Wanxiang Group Corporation.
Reasons to buy
- This report provides latest updates on the fuel cell market.
- It also provides insight on the expansion plans of the Wanxiang Group Corporation that plans to penetrate in the US market.
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