Battery Maker A123’s Public Offering Takes Off
The story of Massachusetts-based battery maker A123 Systems (supplier to Chrysler’s on-hold ENVI division of electric cars, to BMW, GM and Delphi) is turning into a fairy tale, one with dark moments but a happy ending. The company, founded by scientists linked to MIT, is one of the leading players in lithium-ion vehicle batteries. A123 had intended to launch its IPO in August of 2008, but the economy’s crash soon after made that impossible. But the company did not founder. Instead, A123 found private investors including $30 million from General Electric last fall, and another $15 million last spring (GE has 11 percent, Quallcomm 7.6 percent and Motorola 6.9 percent). Venture capital (from North Bridge, Sequoia and others) added another $15…
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