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An undisclosed, established European automaker has enlisted the expertise of UK-based lithium-ion systems supplier Axeon, the assistance of leading UK engineering firm Ricardo and the battery know-how of A123 Systems for collaboration on an upcoming plug-in hybrid vehicle (PHEV). The trio, along with assistance from that unnamed European automaker, will develop and integrate an advanced, lightweight battery pack that utilizes nanophosphate lithium iron cells manufactured by A123 Systems into an

UK-based Axeon, Europe's largest independent supplier of lithium-ion battery systems, has raised an additional £5 million ($7.8 million U.S. at the current exchange rate) in equity to support its expansion goals. The funding, though not substantial enough to allow the company to accomplish all of its goals, should help Axeon expand its electric vehicle (EV) technology development centers in Europe and kick off the early stages of planning a lithium-ion production facility in North America.

Perhaps proving once again that calamity and opportunity can often be found walking together in the business world, it has been announced that Axeon Holdings has gone into administration and has been acquired. The company, which bills itself as Europe's largest independent supplier of lithium ion battery systems and who has supplied energy storage set ups for Modec, the eRUF electric Porsche project and many others, has had its assets snapped up by a company especially created for the purpose, A

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