A123 Systems just announced that they are setting up 2 new business groups, one focused on transportation and one focused on cell design and development. Jason Forcier will head the Automotive Solutions Group, which will work with automtive and transportation manufacturers around the world to provide batteries and battery systems. Chris Tecca will head the Cell Products Group, which will focus on developing and improving a123’s battery cell products and Nanophosphate technology.
A123 Systems (AONE) beat estimates after the bell yesterday, but the company remains a long ways off from being profitable and results were basically flat over the year ago quarter. The company posted an EPS loss of .22/share, which is a bit worse than the .19/share loss reported last year, but better than the .33/loss analyst expected. Revenues came in at $23.6 million which is better than the $19 million analyst estimate and a slight … Read the rest
The coverage is beginning to come out on A123 Systems (AONE) and the first round is generally positive with some bullish comments coming out of Deutsche Bank.
Bank of America initiates with a Hold rating and $17 price target.
Morgan Stanley has initiated coverage an Equalweight which I assume is similar to a Hold rating.
Deutsche Bank initiates coverage with a Hold rating and price target of $17.
A123 Systems just announced that they have signed a joint marketing agreement with IHI Corporation, one of Japan’s largest manufacturers of heavy industry equipment. Under the agreement, the two companies will work together to seek out new energy storage customer opportunities in the Japanese market. The agreement is significant for A123 because IHI is a such major player in the Japanese market, with clients that include big names like Toyota, Honda, Nissan, Mazda, Suzuki and … Read the rest
It’s clear that there is a tremendous appetite for the IPO of A123 Systems.. They initially estimated the price range around 9, then upped to 11 and it ultimately priced at 13.50. Trading opened up just a few minutes ago at 16.74 and it’s already up another 15% from there. I never chase IPO’s in the first few days of trading. I’ll have more on this in the coming days, but I always wait for … Read the rest
The much anticipated A123 Systems IPO is closer to a reality after a year long wait following its IPO registration on 8/8/08. While the launch date has yet to be announced (most likely between Sept 21 – 25), the lithium battery company revealed the expected stock price of $8 – $9.50/share last week and plans to sell 25 million shares, raising more than $200 million in the process. When the stock begins trading, it will … Read the rest
General Electric (GE) continues to invest in Michigan based, lithium ion batter maker A123 Systems, providing another $15 million in financing and gaining a seat on the board in exchange. This follows the recent announcement that A123 Systems was selected by Chrysler to develop lithium batteries for their line of electric vehicles due out in 2013.. assuming of course Chrysler stays in business or is bought out. GE now owns about 10% of A123 Systems … Read the rest
UQM Technologies (UQM) is soaring over 50% today on no news, but StreetInsider.com is reporting that it might have something to do with speculation that Chrysler will be using a UQM product in one of its upcoming electric cars, scheduled to start shipping in two years. It’s a bit strange though because the Wall St journal reported yesterday that Chrysler is in advanced talks with A123 Systems, which is planning to IPO soon.