Lithium Werks Acquires Industrial Business of A123 Systems
AMSTERDAM, The Netherlands and AUSTIN, Texas, March 27, 2018 (GLOBE NEWSWIRE) -- Lithium Werks announces that it has acquired the original A123 Systems manufacturing plants located in Changzhou, China. These plants were the first to introduce the revolutionary NanoPhosphate® technology in the form of cylindrical cells that have been used globally in a wide array of applications, especially in the industrial market. As part of the transaction, Lithium Werks has taken over the customer relationships in China, Europe and the United States as well as the operations, staff and product designs associated with the Changzhou business. Lithium Werks is also the new owner of the POWER. SAFETY. LIFE. trademark that characterized A123's product portfolio in its early years. The transaction was financed through the working capital of Lithium Werks.
"We are confident that this acquisition helps propel Lithium Werks into a leadership position in the Lithium Iron Phosphate market globally," said Knut H. Nylænde, Lithium Werks' Chairman.
"A123 Systems is pleased to have concluded this agreement and is confident that our former customers in the industrial market are in great hands with Lithium Werks. A123 is sharpening its focus on world-class automotive applications ranging from mild-hybrids to fully electric vehicles," said Jeff Kessen, A123 Systems' VP of Corporate Strategy.
About Lithium Werks
Lithium Werks is a fast growing global lithium ion battery company with production facilities in China and offices in the USA, the Netherlands, Northern Ireland, Great Britain and Norway. Lithium Werks provides cells, modules, and battery management systems into markets such as material handling, stationary energy storage, medical and commercial marine.
About A123 Systems
A123 Systems is a global leader in providing complete energy storage solutions through advanced battery cells and systems primarily for transportation applications. Offering a full range of world-class products, A123 delivers superior performance, reliability and cost savings from concept through commercialization.
For more information, please contact:
Lithium Werks Inc.
+1 512 527 2900
https://merger.lithiumwerks.com/
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Lithium Werks via Globenewswire
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