VCs inject $30m into A123 Systems

A123 Systems is definitely a firm to watch. It makes lithium batteries for hybrid cars.

Last week it received $30m in VC funding.

A123Systems will use these funds to increase production capacity for new contract awards for hybrid electric, plug-in hybrid electric and extended range electric vehicle design wins with major automakers including a contract to co-develop proprietary cells for the GM E-FLEX program. A123Systems continues to expand its fast growing power tool battery business with Black & Decker Corporation, the world’s largest manufacturer of cordless tools, where the company is helping drive the transition from nickel technology to doped Nanophosphate lithium ion technology.

Greenbang wonders what the fuel cell industry thinks of that…probably not too happy.