Allternatives » Energy

A123 Raises $69 Million in New Round of Private Financing

Fabio Bacigalupo — Tue, 14 Apr 2009 21:04:14 +0000

A123Systems announced it has raised $69 million from General Electric and other investors to accelerate the expansion of its US lithium ion battery manufacturing and smart grid capabilities. The funding will support A123’s efforts to develop applications for the smart grid, such as utility-scale energy storage. Mark Little, GE’s Senior Vice President and Director GE Global Research, will join A123’s board of directors.

GE Energy Financial Services and GE Capital’s Equity unit provided $15 million of the amount raised by A123 in this financing. This is GE’s seventh investment in A123, making it the company’s largest cash investor and bringing GE’s cumulative investment to $70 million – increasing its ownership stake to more than ten percent.

In addition to the private capital, A123 is seeking funds under federal and state stimulus and other programs to ramp up its production capabilities in Michigan. The company’s planned production facilities would be capable of supplying battery systems for five million hybrid electric vehicles or a half-million plug-in electric vehicles per year by 2013.

“We’ve accelerated our plans to expand our US manufacturing. We do not believe our country can afford to wait to develop advanced batteries,” said David Vieau, A123Systems’ President and Chief Executive Officer. “With this financing, we will begin an expansion that we expect to accelerate upon receipt of government funds. This expansion would create jobs and enable innovation.”

“A123 has broken through many technical and engineering barriers to advance lithium ion batteries to commercial applications,” said GE Chairman of the Board and CEO Jeff Immelt. “As a company also focused on technology innovation, GE is excited to expand our relationship with this close and long-time partner. GE’s capital, resources and technology expertise will help A123 scale up faster and more efficiently.”

The manufacturing plants are expected to produce battery cells and systems to meet the needs of A123’s broad automotive customer portfolio, which includes several vehicle manufacturers and 19 vehicle models – ranging from hybrid electric vehicles to electric vehicles. A123 was recently awarded battery development and supply contracts for Chrysler’s first generation electric vehicle line-up and the Chinese automaker SAIC Motor Corp.’s new hybrid vehicle models, both scheduled to debut in 2010. A123’s plants are also expected to produce batteries for smart grid applications and grid stabilization.

Beyond providing capital, GE, through GE Global Research, provided system design expertise and supported A123’s stationary power product development for electric grid applications, and helped to design battery system components for A123’ automotive programs.

“The advanced battery market is at a tipping point, and our support of A123 marks the application of GE’s resources at the right time to capture leadership in an essential new field,” said Little. “Our resources, engineering and R&D capabilities will have the potential to play an important role as A123 scales up its operations at this critical juncture. I look forward to joining A123’s Board of Directors and working closely with the company’s experienced team.”

GE’s support of A123 is part of its initiatives on smart grid and ecomagination — the company’s commitment to help its customers meet their environmental challenges while expanding its own portfolio of cleaner energy products.

A123 was born out of the research labs of the Massachusetts Institute of Technology and was funded initially with a $100,000 grant from the US Department of Energy in 2001. Among the companies using A123 batteries, battery systems and technology in the fields of transportation, grid energy storage and portable power are AES, BAE Systems, Better Place, Black and Decker, Cessna, Chrysler, Daimler, Delphi, Duke Energy, General Motors, Google.org, LADWP, Madison Gas and Electric, Magna Steyr, Mercedes Benz High Performance Engines, Procter and Gamble, Sempra and Volvo Truck. Other investors in this round of funding include Conoco Phillips, Detroit Edison, Espirito Santo Ventures, North Bridge, CMEA, Alliance Bernstein, Qualcomm, Sequoia, Novus and MIT.

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A123 Raises $69 Million in New Round of Private Financing

Good energy starts in the head

Fabio Bacigalupo — Sun, 25 Jan 2009 19:12:45 +0000

The supplier of electric energy Elektrizitätswerke Schönau (EWS), located in Schönau im Schwarzwald in Germany set itself the target of offering electricity from renewable energies and to renounce electricity from nuclear and coal-fired power stations completely. The EWS evolved from a citizens’ initiative, which formed due to the nuclear incident in Tschernobyl 1986. After two citizen decisions 1991 and 1996 the EWS succeeded in buying the local electricity network from the former electricity supplier for 6.5 million D-Mark. The financing of this high amount was only possible by a spectacular country wide appeal for funds, which did not only made the purchase possible but also showed that every „little“ citizen can achieve something.

The citizens of Schönau completely produces their electricity themselves by block heat and power plants and photovoltaic power supplies. The spare electricity is sold along. Since the liberalisation of the electricity market in Germany in 1998 the EWS offer everyone their electricity country wide for a competitive price. In order to cover this increased demand for electricity, the EWS exclusively buy additional electricity from independent electricity producers, which do not have any financial participation in nuclear power plant operators or their subsidiaries and produce their electricity from new installations of renewable water power and climate friendly cogeneration of heat and power. This is even certified by the german TÜV an independant service provider for ensuring quality, security und reliability. By the „Sun-Cent“ which is included in the electricity tariff the development of new environment-friendly electricity plants is promoted, in particular that of private persons, who otherwise could not operate these plants economically.

Further information about the history, the support program and the method of changing your power supply provider you will find on their website.

This article was thankfully written by guest author Timm Frenzel. If you are interested in writing an article for Allternatives please contact me.

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Good energy starts in the head

IRENA – Initiative for the founding of the International Renewable Energy Agency

Fabio Bacigalupo — Thu, 01 Jan 2009 20:04:26 +0000

My hometown Berlin is applying for the seat of the IRENA agency which I totally support!

Its supporters define IRENA as the following:

IRENA aims at becoming the main driving force in promoting a rapid transition towards the widespread and sustainable use of renewable energy on a global scale. Acting as the global voice for renewable energies, IRENA will provide practical advice and support for both industrialised and developing countries, help them improve their regulatory frameworks and build capacity. The agency will facilitate access to all relevant information including reliable data on the potential of renewable energy, best practices, effective financial mechanisms and state-of-the-art technological expertise.

IRENA will develop comprehensive solutions, such as fostering all types of renewable energy, and consider various renewable energy policies on the local, regional, and national level. Additionally, IRENA will consider the specific environmental, economic and socio-cultural conditions. Lastly, it will involve stakeholders from the energy industry, academia, institutions and civil society. IRENA will regularly consult and cooperate with organisations and networks already engaged in the field of renewable energy in order to complement and pool their work resources, hereby creating added value.

Learn more about IRENA on the website created by the German government about the IRENA Conference.

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IRENA – Initiative for the founding of the International Renewable Energy Agency

Bosch criticises hype on electric cars

Fabio Bacigalupo — Sun, 28 Dec 2008 17:17:08 +0000

Bernd Bohr – chief of vehicles at Bosch – criticizes the recent discussion on electric cars as too euphoric in an interview with German magazine “auto motor und sport”. He does not think it is realistic that in 2010 affordable electric cars that have the same comfort as conventional cars will be available in the market. As late as 2015 there will be small test series which are subsidized by the state through tax reductions or the industry for image reasons. Bosch’s forecast except 2.5 million to 3 million hybrids and 800.000 electric cars in 2015 with 80 million cars alltogether.

Source in German: Autokrise: Bosch kritisiert Hype um Elektroautos

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Bosch criticises hype on electric cars

U.S. Firms Join Forces to Build Car Batteries

Fabio Bacigalupo — Thu, 18 Dec 2008 21:58:44 +0000

Fourteen U.S. technology companies are joining forces and seeking $1 billion in federal aid to build a plant to make advanced batteries for electric cars, in a bid to catch up to Asian rivals that are far ahead of the U.S.

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U.S. Firms Join Forces to Build Car Batteries

Better Place

Fabio Bacigalupo — Fri, 05 Sep 2008 10:20:20 +0000

A project by one of the SAP founders aims to make the world a better place by building a network of recharge stations for electric cars. You subscribe to a plan to exchange your car’s batteries at any of their stations. Better Place is the electric car’s way of a petrol station and also replaces other infrastructure needed for personal mobility. See the video for more information.

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Better Place

Anaconda Wave Energy Converter

Fabio Bacigalupo — Wed, 06 Aug 2008 22:20:28 +0000

Our oceans are constantly generating energy – as much as 2 trillion watt! But how do we profit from this energy? The British company Checkmate SeaEnergy has developed a study of a 110 ton rubber tube called Anaconda with a length of 200 meter which can produce as much as 1 megawatt electric energy.

Quelle: Meeresschlange erzeugt Energie (German)

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Anaconda Wave Energy Converter

Bosch and MITE announce collaboration on energy related topics

Fabio Bacigalupo — Tue, 24 Jun 2008 16:06:36 +0000

As part of the MIT Energy Initiative (MITEI), MIT and Bosch, a leading global supplier of technology and services, are forming an energy research collaboration aimed at exploring new materials and concepts for efficient energy-conversion and energy-storage systems.

References

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Bosch and MITE announce collaboration on energy related topics

Blog allternatives.com started

Fabio Bacigalupo — Mon, 23 Jun 2008 14:18:01 +0000

With enviromental disasters threading the lifes of millions of people caused by global warming and oil prices breaking record prices almost on a daily basis it is time to look at and for alternatives.

This blog takes a look at what the automobile and energy industries have to offer as alternatives to fossile energies. We interview innovators in green and clean tech. And we showcase the latest and greatest research has to offer in this field.

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Blog allternatives.com started