Business

Timeline: The history of A123 Systems

2001

Founded by entrepreneur Ric Fulop, MIT professor Yet-Ming Chiang, and Chief Technology Officer Bart Riley.

2002

A123 hires David Vieau, a top executive at American Power Conversion Corp.

2003

Vieau meets with Black & Decker representatives.

2005

Advertisement

Production begins on a new line of Black & Decker power tools.

2007

Get Talking Points in your inbox:
An afternoon recap of the day’s most important business news, delivered weekdays.
Thank you for signing up! Sign up for more newsletters here

General Motors says A123 is in the running to make batteries for the Chevrolet Volt. The deal goes to Korea’s LG Chem.

2009

April: Deal signed to provide batteries to Shanghai Automotive and Chrysler.

August: Receives a $249.1 million grant from the US Department of Energy to build an automotive battery plant in Michigan.

September: A123 goes public, raising about $380 million with its initial stock offering. Shares close at $20.29 on the first day of trading.

2010

Advertisement

January: Multiyear deal to supply Fisker Automotive with batteries for the Karma, an electric hybrid.

April: The state gives A123 a $5 million loan in exchange for expanding their gridscale battery operations and creating 250 jobs.

September Michigan battery plant opens.

2011

November: Revenue expectations lowered by $45 million. Company lays off about 125 employees.

2012

March: A123 recalls batteries with an improperly aligned component.

Advertisement

June: A123 announces a breakthrough in technology that will allow its batteries to work at extreme temperatures.