Analysis

A123 Systems Announces First Quarter 2010 Financial Results

13th May 2010
ES Admin
A123 Systems (Nasdaq:AONE), a developer and manufacturer of advanced Nanophosphate™ lithium ion batteries and systems, today announced financial results for the quarter ended March 31, 2010.
David Vieau, CEO of A123 Systems, said We are very pleased with the growing momentum of the advanced battery systems market and A123's business in particular. We are solidifying our leadership position in the transportation market, where we have been awarded a development program by one of the largest automotive manufacturers to develop next-generation battery cells. This is further validation of the competitiveness of our technology and represents an advancement in our relationship with a major passenger OEM. We also continue to grow in the heavy duty segment of the transportation market where we have been selected by Eaton to supply battery systems for Ford F550 chassis-based plug-in hybrid electric vehicles.

Since closing our IPO, the number of transportation customers with whom we are engaged in development and design activities has doubled, with over 50% of this increase attributable to passenger vehicle programs. In addition, our customer activity levels in the electric grid market have increased significantly compared to last year. As a result of strong customer demand, A123 has initiated plans to expand final cell assembly capacity by an additional 200 megawatt-hours, which will bring A123's total worldwide capacity to 760 megawatt-hours.

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