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

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Vieau meets with Black & Decker representatives.

2005

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

2007

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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.

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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

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.

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

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