A123 Systems, Inc. (NASDAQ: AONE) has announced that Advanced Traction Battery Systems, its co-owned Shanghai-based joint venture company, has been selected to develop battery packs for a new plug-in hybrid electric sedan from Geely in China.
Geely is one of the fastest-growing automakers in China and the parent company of Volvo Car Corporation.
A123 will supply 20Ah prismatic cells to ATBS for the production of complete lithium ion battery packs for Geely’s new PHEV. The effort is expected to launch in China in the year 2014.
The most recent news and reports about business with Fisker has weighed on the stock, and the news out of the clean energy and alternative energy has not exactly been much of a help in 2011 and 2012. A123 shares have popped by 7.5% to $1.69 on the news and the 52-week trading range is $1.51 to $8.08.
JON C. OGG