Analysis

A123 Systems Announces Second Quarter 2010 Financial Results

18th August 2010
ES Admin
A123 Systems today announced financial results for the quarter ended June 30, 2010.
David Vieau, CEO of A123 Systems, said, A123's partner momentum is strong and growing. In the electric grid market, AES recently placed an order for multiple projects totaling 44 megawatts, which is A123's largest grid order to date. In the passenger vehicle market, A123 was recently selected as the sole development partner by a major auto manufacturer for a new electric vehicle program. We're making strong progress in the rapidly emerging Chinese market: our SAIC joint venture is now operational, our overall pipeline of opportunities is expanding, and we signed a letter of intent with an additional Chinese auto maker for a hybrid car battery system.

We recently began producing prismatic cells at our new Michigan facility, and we remain on track with our previously announced capacity expansion plans. This coincides with Fisker, Navistar and a number of other new programs that are expected to move into volume production over the next several quarters. We believe we are on track to meet our primary objectives for 2010, including exiting the year with strong customer momentum, executing against our capacity expansion plans and moving into production in Michigan, the combination of which positions the company for accelerated revenue growth and improving profitability margins in 2011.

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