06/08/2009

A123 projects with grant money

Watertown lithium-ion battery maker A123Systems is receiving $249 million in federal stimulus funds, nearly a fifth of the money aimed at makers and recyclers of high-tech batteries and battery components -- but according to a government release, the money going to A123Systems will pay for construction of facilities in Michigan.

The Obama administration today announced $2.4 billion grants, $1.5 billion of which will go to the battery industry. Among the recipients were Ford Motor Co., Chrysler Group, and General Motors Corp., which will share more than $600 million meant to encourage development of battery technology for cars.

Westborough battery maker Boston-Power Inc., which was vying for at least $100 million in federal and state grants to finance a new factory in Auburn, did not receive any money from the federal grant announced today. As of June, the company had leased a 455,000-square-foot former distribution center for the retailer Filene's Basement, which it planned to convert into a plant to produce the Swing battery for cars.
Only one other Massachusetts group was among the grant recipients announced today -- the National Fire Protection Association in Quincy, which received $4.4 million.

An A123 spokeswoman declined to comment today, citing the “quiet period” before company’s anticipated intitial public offering. The firm has signed a deal with Chrysler LLC to provide batteries for the vehicle maker's line of electric cars.

Source : The Boston Globe, by Sean Sposito, August 5th, 2009

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