A123Systems Accelerate Development for Hybrids

A123Systems, developer of a new generation of Lithium-ion batteries (earlier post), announced it has completed its third round of private equity funding totaling $30 million. The current round of financing brings total investment in the company to $62 Million since its founding.

The batteries, based on proprietary nanoscale electrode technology built on research at Massachusetts Institute of Technology (MIT), promise up to 10x longer life, 5x power gains and dramatically faster charge time (more than 90% capacity in five minutes) over conventional high-power battery technology.

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