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.READ MORE: Over 40k Cera Applications Filed In Detroit, Landlords Left Waiting For Payment
Included will be A123’s test labs in Romulus, along with Waltham and Hopkinton, Mass.READ MORE: Detroit Police: Amazon Driver Confesses To Lying About Carjacking
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.MORE NEWS: Oakland University Mistakenly Awards Scholarships To More Than 5,000 Students
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.