A123 Systems (AONE) Up 10% On VIA Deal

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01:56:42 pm on January 5, 2012

A123 Systems (AONE) is getting a much needed boost this morning, up 10% on news it has struck a deal with VIA Motors to supply them with lithium ion battery packs.  The 24kWh packs will be combined with VIA’s 300kW electric motor and onboard generator to deliver an all eletric driving range of up to 40 miles for cars, vans and trucks.  VIA has already begun receiving the packs and delivering electric trucks to commercial customers so this is a deal that has been in the works for some time. 

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"We believe that the high power, greater usable energy and long life offered by our Nanophosphate lithium ion battery solutions will help VIA better position its eREV Powertrain platform as a cost-effective solution to maximize vehicle range and increase fuel economy," said Jason Forcier, vice president of A123’s Automotive Solutions Group. "We think that commercial and government fleets represent a tremendous opportunity for vehicle electrification, and we look forward to working with VIA Motors to design eREV trucks, vans and SUVs that meet fleet customers’ needs for efficient, environmentally friendly vehicles that also satisfy their performance, range and reliability requirements."

Technically, shares of AONE remain weak and in a firm downtrend over many months.  There is a glimmer of hope though.. two straight days in the green.  I still wouldn’t touch this stock down here right now.  It needs a lot more time to convincingly put in a bottom.  The GM deal announced last summer failed to ignite a sustained rally.

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