NEC Pays $100M for Grid Energy Storage Business of A123
NEC is purchasing the A123 Energy Solutions business unit of A123 Systems for about $100 million. NEC says the acquisition with strengthen the energy storage capability of its smart energy business and make NEC a leading supplier of lithium-ion grid energy storage systems.
An agreement on the terms of the deal has been finalized and a new company “NEC Energy Solutions” is slated to begin operation in June 2014 under the direction of NEC.
A123’s existing cell manufacturing and sales, research and development, and automotive operations will remain the core focus of A123 Systems.
A123 Energy Solutions has deployed over 110 MW of its Grid Storage Solutions (GSS) worldwide. The company recently announced it had commissioned a 1 MW GSS for IHI Corporation, an industrial equipment manufacturer in Japan.
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