DGAP-News: A123 Systems and IHI Corporation Sign Joint Marketing Agreement to Develop Advanced Battery Technology Business in Japan
28.10.2009
A123 Systems, Inc. /
28.10.2009
Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
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Collaboration Combines IHI's Market and Industry Expertise with A123's
Innovative Battery Technology for Diverse Customer Applications
WATERTOWN, Mass. and TOKYO, Oct. 28, 2009 (GLOBE NEWSWIRE) -- A123 Systems
(Nasdaq:AONE) and IHI Corporation 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. For additional information please visit
www.a123systems.com.
The A123 Systems, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6600
About IHI Corporation
IHI(7013), established in 1853, is a multi-national leader in providing energy
and chemical plants, physical distribution systems and steel structures,
aero-engine and space technology, industrial machinery, shipbuilding and marine
engineering, and mass-produced machinery. With annual net sales of nearly $14
billion (U.S. dollars) and more than 24,000 employees, IHI contributes to the
stable supply of electric power by providing the primary equipment for
hydroelectric, thermal and nuclear power systems. In automotive industries, IHI
supplies turbo chargers for automobiles and trucks, and manufacturing
equipments.
www.ihi.co.jp
CONTACT: Edelman
A123 Systems PR Contact:
Kerry Farrell
212-704-8113
kerry.farrell@edelman.com
ICR, LLC
A123 Systems IR Contact:
Garo Toomajanian
617-972-3450
ir@a123systems.com
IHI Corporation
+81-3-6204-7800
News Source: NASDAQ OMX
28.10.2009 Financial News transmitted by DGAP
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Language: English
Company: A123 Systems, Inc.
US
Phone:
Fax:
E-mail:
Internet:
ISIN: US03739T1088
WKN:
End of News DGAP News-Service
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A123 Systems, Inc. /
28.10.2009
Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
=--------------------------------------------------------------------------
Collaboration Combines IHI's Market and Industry Expertise with A123's
Innovative Battery Technology for Diverse Customer Applications
WATERTOWN, Mass. and TOKYO, Oct. 28, 2009 (GLOBE NEWSWIRE) -- A123 Systems
(Nasdaq:AONE) and IHI Corporation 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. For additional information please visit
www.a123systems.com.
The A123 Systems, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6600
About IHI Corporation
IHI(7013), established in 1853, is a multi-national leader in providing energy
and chemical plants, physical distribution systems and steel structures,
aero-engine and space technology, industrial machinery, shipbuilding and marine
engineering, and mass-produced machinery. With annual net sales of nearly $14
billion (U.S. dollars) and more than 24,000 employees, IHI contributes to the
stable supply of electric power by providing the primary equipment for
hydroelectric, thermal and nuclear power systems. In automotive industries, IHI
supplies turbo chargers for automobiles and trucks, and manufacturing
equipments.
www.ihi.co.jp
CONTACT: Edelman
A123 Systems PR Contact:
Kerry Farrell
212-704-8113
kerry.farrell@edelman.com
ICR, LLC
A123 Systems IR Contact:
Garo Toomajanian
617-972-3450
ir@a123systems.com
IHI Corporation
+81-3-6204-7800
News Source: NASDAQ OMX
28.10.2009 Financial News transmitted by DGAP
=--------------------------------------------------------------------------
Language: English
Company: A123 Systems, Inc.
US
Phone:
Fax:
E-mail:
Internet:
ISIN: US03739T1088
WKN:
End of News DGAP News-Service
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