A123 Systems Q2 loss grows, spins off grid battery venture, drops Chrysler
A123 will be supplying batteries to Fisker for the Karma PHEV and claims to have an exclusive development deal with another unnamed automaker.
A123 has also reported that its second-quarter loss grew to $34.2 million – up from $21.9 million in the same quarter last year – with revenues up 14 percent to $22.4 million. Meanwhile, the battery maker expects transportation to make up a bigger percentage of its business in the near- to mid-term. Increased business from heavy-duty manufacturers like Eaton and Navistar will up the transport share to 60-70 percent of its revenues.
Finally, A123 has spun off a new business called 24M Technologies that is partially funded by venture capital funds. 24M is developing battery solutions for grid power storage including wind and solar.
[Source: Earth2Tech, XConomy]
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