Israeli Company, Ofer, Investing in US battery maker for Electric Cars.
- From: jgarbuz <jgarbuz@xxxxxxxxxxx>
- Date: Sat, 25 Oct 2008 07:38:44 -0700 (PDT)
Ofer invests in US battery co
A123 Systems will apparently develop lithium-iron-phosphate batteries
for Better Place's electric car venture.
Dubi Ben-Gedalyahu23 Oct 08 19:40
Ofer Holdings Group has made a strategic investment in US lithium
battery maker A123 Systems Inc., which will develop lithium-iron-
phosphate batteries for Better Place's electric car venture.
Israel Corporation chairman Idan Ofer made the announcement during a
press conference to mark the launch of Better Place in Australia. He
added that A123 Systems had obtained access to the raw materials for
the battery production through one of its subsidiaries. Ofer was
apparently referring to lithium.
Ofer also said that the joint venture between Israel Corp. (TASE:
ILCO) and China's Chery Automobile Co. Ltd. would probably focus on
the development and production of electric cars. The joint venture
will apparently become a major supplier of cars for Better Place,
alongside Renault SA (Euronext: RNO) and Nissan Motor Co. Ltd. (TSE:
Ofer said that Israel Corp. would continue to invest in environmental
projects and that he considered Better Place's entry into Australia as
a springboard to Asian markets.
A123 Systems is a fairly new company, which is not yet profitable and
has several times deferred a planned IPO. The company is nevertheless
considered a candidate for supplying batteries for the Chevrolet Volt
electric car made by General Motors Company (NYSE: GM). A123 has
advanced proprietary nanomaterials technology.
Published by Globes [online], Israel business news - www.globes-online.com
- on October 23, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008
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