Green VC

A123 Systems, a company that develops and manufactures lithium-ion batteries and battery systems for the transportation, electric grid services, and portable power markets, announced in August that it filed a S-1 registration statement with the U.S. Securities and Exchange Commission relating to a proposed initial public offering (IPO) of up to $175 million of its common stock on the NASDAQ Global Market under the ticker symbol "AONE".  You can view this filing by clicking on the image below:

A123 Systems was founded in 2001 to commercialize new battery technology developed at the Massachusetts Institute of Technology. The company began selling its first products commercially in the first quarter of 2006.  The company’s revenue was $34.3 million for the year ended December 31, 2006, $41.3 million for the year ended December 31, 2007, and $10.3 million for the three months ended March 31, 2008.

A key source of A123 Systems’ revenue to date has been Black & Decker, to which A123 Systems has supplied batteries for their portable power tools.  The company also operates in other market segments, including transportation and electric grid services. A123 Systems has acquired a number of companies over the years including Hymotion.  The following video provides an illustration of some of A123 Systems’ technology in the transportation sector:

Investors in A123 Systems include General Electric, Procter & Gamble, Alliance Capital, Motorola, Qualcomm, North Bridge Venture Partners, Sequoia Capital, CMEA Ventures, FA Technology Ventures, OnPoint, Carruth Management, the Massachusetts Institute of Technology, and Desh Deshpande (A123 Systems’ board chair). 

In A123 Systems’ S-1 filing, the company stated that it raised $102,085,005 in equity financing (6,152,553 shares of Series E convertible preferred stock at $16.59 per share) after March 31, 2008.  The company also stated that it had received aggregate net proceeds of approximately $266.1 million since its founding from the financing activities of private placements of preferred stock, common stock, convertible promissory notes, demand notes, term loans, revolving credit facilities and other credit facilities.

For more information

• A123 Systems – Home Page
• A123 Systems – S-1 Filing (U.S. Securities and Exchange Commission)
• A123Systems Files Registration Statement for Initial Public Offering (August 8, 2008)
• GE Invests in Electric Vehicle Producer Think and Battery Manufacturer A123Systems to Commercialize Electric Car (March 5, 2008)
• A123Systems Receives $30 Million Investment to Support Scale Up and Recent Contract Awards in the Automotive and Power Tool Market (October 23, 2007)
• A123Systems Receives $40 Million Investment to Expand Product Portfolio and Scale Manufacturing of Hybrid and Plug-In Hybrid Batteries (January 25, 2007)
• GE Commercial Finance – Technology Lending Makes Series C Equity Investment in A123Systems (February 6, 2006)
• OnPoint Technologies Makes Investment in A123 Systems, Inc. (June 29, 2004)