A123 Systems Forms Tech Incubator Division
WALTHAM, Mass. — Troubled battery maker A123 Systems LLC said Wednesday that it’s forming a new division called A123 Venture Technologies.
The plan will make A123′s technology and labs available to younger, smaller energy storage companies in exchange for a chunk of the equity in those firms.
Included will be A123′s test labs in Romulus, along with Waltham and Hopkinton, Mass.
Where needed, A123 Venture Technologies will also bring funding capital needed to invest in new initiatives with its access to private equity and venture capital.
“By leveraging our experience and capabilities, our strategic partners can shorten their time to market, while also mitigating risk and minimizing capital expenditures,” said Mujeeb Ijaz, Chief Technology Officer at A123 Systems, LLC.
A123 was bought out of bankruptcy in January by the Chinese conglomerate Wanxiang Group. Among A123′s assets is battery terminal and fuel cell technology developed at the University of Michigan.