Michigan employer says new battery can take extreme hot, cold
David Shepardson - DETROITNEWS
- June 13, 2012
Battery startup A123 Systems Inc.'s stock soared Tuesday, climbing 52 percent on the company's claim that it has reached a breakthrough in advanced battery technology.
Its stock closed at $1.58, up $0.54 a share, but below its intraday high of $1.65. That was still far below its 52-week high of $5.91.
The Waltham, Mass.-based company with 780 Michigan workers has faced problems, including layoffs and the recall of some batteries over safety concerns.
The company said it had developed a new lithium-ion phosphate battery Nanophosphate EXT.
It is designed to operate at temperature extremes and significantly reduces or eliminates need for heating or cooling systems. That's expected to create opportunities within the transportation and telecommunications markets, among others.
"We believe Nanophosphate EXT is a game-changing breakthrough that overcomes one of the key limitations of lead-acid, standard lithium-ion and other advanced batteries," said David Vieau, CEO of A123 Systems.
Amid struggling electric auto sales, A123 said last month there was "substantial doubt" about the company's viability. It is a supplier for many electric vehicles, including General Motors Co.'s upcoming Spark.
The company said this month it plans to hire 400 in Michigan, required as part of federal and state support. That news came after it laid off workers last year... [Read More]