A123 Systems, the Detroit-based manufacturer of batteries for electric and hybrid cars, as well as other uses, announced that it has signed a definitive agreement in which the Chinese Wanxiang Group will invest up to US$465 million in exchange for an 80 percent stake in the company.
Wanxiang is China’s largest parts company and one of the country’s largest non-government-owned companies. The ailing A123 Systems battery maker, which last May expressed “substantial doubts” about its future, expects to receive US$25 million this week to cover its immediate needs.
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