WALTHAM, Mass., Aug. 16, 2012 (GLOBE NEWSWIRE) -- A123 Systems (Nasdaq:AONE), a developer and manufacturer of advanced Nanophosphate® lithium iron phosphate batteries and systems, today announced the execution of definitive agreements with Wanxiang Group Corporation, which follows the non-binding memorandum of understanding (MOU) that A123 signed with Wanxiang on August 8, 2012. Wanxiang is China's largest automotive components manufacturer and one of China's largest non-government-owned companies. Under the terms of the agreements, Wanxiang plans to invest up to $465 million in A123, which includes an initial credit extension of $25 million that A123 expects to receive this week. The full investment from Wanxiang is expected to provide A123 with the capital necessary to strengthen the company's competitive position in the global vehicle electrification and grid energy storage markets.
A123 Systems And Wanxiang Group Corporation Execute Definitive Agreements For Wanxiang's Strategic Investment In A123
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