A123 Systems (Nasdaq:AONE)
and IHI Corporation (TYO:7013) announced today that they have entered into a
collaborative business development agreement to serve potential customers in
the Japanese transportation, industrial and marine markets. Under the terms
of a joint marketing agreement, the two companies will pursue new customer opportunities
in energy storage in the Japanese market.
IHI is one of the largest heavy industry equipment makers in Japan with long-standing
business operations in the automotive, utilities, marine and aerospace industries.
With over 24,000 employees around the world and over 155 years of history, IHI
customers include major Japanese car makers Toyota, Honda, Nissan, Mazda, Suzuki
and Mitsubishi. The company is a tier one turbo charger supplier to truck and
auto makers all over the world.
"We are very pleased to have found such a strong partner in IHI as we
begin to identify a portfolio of energy storage business opportunities in the
Japanese market," said David Vieau, A123 Systems' president and chief executive
officer. "We believe their confidence in our technology is another important
validation of both our product offerings and our business strategy as a vertically
integrated supplier of lithium ion batteries and battery systems. We continue
to diversify our business pipeline by designing and producing products for multiple
customer applications and can now more efficiently bring these technologies
to the important Japanese market."
"Our collaboration with A123 is a significant step forward in our commitment
to the application of technology that can help reduce carbon emissions. We believe
that A123 has excellent lithium ion battery technology and our strategic alignment
will allow us to collaborate in multiple market segments and technology applications,"
said Kazuaki Kama, IHI Corporation's president and chief executive officer.
About A123 Systems
A123 Systems, Inc. (Nasdaq:AONE) develops and manufactures advanced lithium
ion batteries and battery systems for the transportation, electric grid services
and consumer markets. Headquartered in Massachusetts and founded in 2001, A123
was funded initially with a $100,000 grant from the U.S. Department of Energy.
A123 Systems' proprietary nanoscale electrode technology is built on initial
developments from the Massachusetts Institute of Technology. Among the companies
selecting A123 batteries, battery systems and technology in the fields of transportation,
grid energy storage and consumer products are Chrysler, Shanghai Automotive
Industry Corporation, AES Energy Storage, LLC and The Black & Decker Corporation.