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Batteries - Tuesday, October 23, 2007

A123's Latest Round Values Battery Maker At $350M

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A123Systems has raised $30M in Series D at a post-money valuation of $350M. The startup says it will use these funds to increase production capacity for new contract awards for hybrid electric, plug-in hybrid electric and extended range electric vehicle design wins with major automakers including a contract to co-develop proprietary cells for GM's E-FLEX program. The Watertown, MA-based company makes of lithium-ion batteries.

A123 has raised $132M in funding to date from GE, Procter & Gamble, Alliance Capital, Motorola, Qualcomm, North Bridge Venture Partners, Sequoia Capital, and MIT.

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