Lithium ion battery manufacture A123 Systems filed for an IPO for raising an estimated $175 million.The specifics regarding the number of shares , price range were not revealed but A123 systems plans to invest a major chunk of the capital garnered in upgrading manufacturing capability and R&D activities.
A123 has emerged as a key player in the advanced battery technology for the EV sector.It has also attracted deals with Norwegian EV manufacturer Think and has also teamed with General Motors for battery packs for Chevy Volt.With such major deals under its belt it may also be possible that A123 could enter into some acquisitions to gain a strong foothold in the booming EV sector.
