Just when you thought all the acquisitions and buyouts of A123 were old news, Japanese IT and network technologies developer NEC has acquired A123 Energy Solutions from Wanxiang Group for around $100m.
The acquisition relates to the portion of former A123 Systems that supplies grid-level lithium-ion energy storage systems based on A123’s lithium iron nanophospate technology.
A123 Energy Solutions will be integrated into the NEC Group of companies and, under the working name NEC Energy Solutions, will begin operation in June 2014 under the direction of NEC. The company will continue to work in the grid-connected energy storage space with plans to also look into behind-the-meter energy storage.
The day to day running of the company has not changed and there are no plans to relocate away from the existing office and headquarters in Westboro, Massachusetts.
The company said as the deal works towards finalisation in June, more information on NEC Energy Solutions will become available. The new company will continue to supply A123 systems and provide service and support for existing systems. NEC intends to combine its wealth of experience in the IT field with energy storage to create energy efficient infrastructure as part of its Solutions for Society programme.
A123 Energy Solutions is an independent business unit within A123 Systems LLC, which is owned by Wanxiang America Corporation.