NEC Corporation has announced completion of the acquisition of A123 Energy Solutions, the grid energy storage part of A123 Systems, from China's Wanxiang Group. A123 Energy Solutions will now operate as NEC Energy Solutions (NECES).
NEC Energy Solutions will continue the manufacture and commercial introduction of A123's Nanophosphate technology, a form of lithium ion battery employing lithium iron phosphate, which is said to deliver significant advantages over lead acid in terms of weight, power and life time. The company's proprietary lithium iron phosphate technology is built on novel nanoscale materials initially developed at the Massachusetts Institute of Technology.
A123 Systems, founded in 2001 as spin out from MIT, with a focus on batteries for electric vehicles, went into Chapter 11 bankruptcy protection in 2012 and was acquired by Wanxiang Group in 2013.
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