Battery-Maker A123 Systems Moves Closer To IPO

Sep 11 2009 | 12:57pm ET

Massachusetts-based battery-maker A123 is on the verge of going public, having re-filed its IPO papers last month. Underwriters have set terms of the offering at 25 million shares at an estimated $8 to $9.50 apiece.

The startup raised $100 million this summer from investors including General Electric, North Bridge Venture Partners and Qualcomm Inc, and last month received a $249.1 million electric- car-battery grant from the U.S. Department of Energy (DoE).

Chrysler has chosen the company to produce lithium-ion batteries for its planned electric cars.

A123 first filed its IPO plans with the U.S. Securities and Exchange Commission in August 2008. The battery maker would be the first U.S. cleantech company to go public since July 2008.

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