A123 Systems (now there’s a business that was thinking of its Yellow Pages listing when coming up with its name), the company behind lithium-ion batteries for the transport industry, as well as systems for the electric grid and portable power markets, has stated its intent to raise $175m in an initial public offering.
Shares are expected to be traded on Nasdaq under then name AONE and will be managed by Morgan Stanley and Goldman Sachs. The number of shares and price range hasn’t yet been set.
The news comes about with majority of the car sales falling, with only small and more energy efficient cars bucking the trend. Potential deals could place A123’s batteries into hybrid and electric vehicles produced by Norway’s Think Global vehicles or GM.
Last month Cedar Park, a Texas-based rival, announced an enhancement for its chemical purifying system.
According to Cleantech:
“A123 Systems plans to use cash from the share sale to expand its manufacturing facilities, repay debt, and for an expansion of its research and development and sales and marketing. Some of the funds could also go toward acquisitions of other companies, assets or technologies, according to the filing.”