Headquarters: 321 Arsenal Street
Watertown, MA 02472
CEO: David Vieau
Stock Symbol: AONE
A123 Systems develops and manufactures advanced lithium-ion batteries and battery systems for the transportation, electric grid services and consumer markets. Founded in 2001 and headquartered in Massachusetts, A123 Systems' proprietary nanoscale electrode technology is built on initial developments from the Massachusetts Institute of Technology.
For larger projects that require volume manufacturing, A123 Systems operates state-of-the-art manufacturing facilities in Asia which have the capacity to scale to millions of battery packs per year, and is currently expanding manufacturing capacity in the U.S.
A123Systems owes its name to the Hamaker force constant which is used to calculate the attractive and repulsive forces between particles at nano dimensions, and which begins “A123...”
A123Systems' Advanced Research & Government Solutions Division is located in Ann Arbor, MI.
The company went public in September 2009 in an IPO that raised $437.5 million.
In 2010, A123 reported revenues of $97.3 million, an increase of 7%, and net loss of $45.7 million. It has yet to turn a profit.
"During 2010, we more than doubled A123's worldwide manufacturing capacity on an annual basis, and put in place the foundation to support rapid growth in the years ahead," said David Vieau, CEO of A123 Systems. "A123's momentum is strong and we have expanded our portfolio of blue-chip customers in each of our target markets. We were awarded a production contract with a major North American automaker for an electric passenger car that is expected to enter the market during 2013, and we were recently selected by three new customers for commercial vehicle programs that we expect to enter production starting in 2012. In addition, we believe that A123's selection by AES to provide energy storage systems for a second power plant in Chile, combined with our work with power generation equipment manufacturers, reinforces our worldwide leadership position in the electric grid market."