A123 Systems Announces 3Q Financial Results

A123 Systems (Nasdaq:AONE), a leading supplier  of high-power lithium ion batteries designed for application to transportation and grid stabilization, announced third quarter financial earnings yesterday. The third quarter of 2009 was a particularly productive time for the eight-year-old Massachusetts based company. The company went public, raising a net of $391 million. In addition, A123 was awarded almost $250 million by the Department of Energy to continue research and development of advanced battery technology

According to the financial press release, the company has

signed a supply agreement for certain programs with BMW, received notice of a design win for a new application with an existing heavy duty customer and won several development projects in the automotive sector…[the company is] highly focused on establishing a strong market position in the electric grid services market, as [they] have in the automotive sector.

A123 is definitely betting that the transportation sector will begin to offer more and more battery-powered vehicles as it weans cars off oil and towards the electrical grid. This also means that the potential for solar parking lots to scale is on the horizon. For more on A123 Systems and the type of products they are bringing to market, click here.