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Timeline

Key dates in A123 Systems history

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

Continue reading below

Vieau meets with Black Decker representatives.

2005

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

2007

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

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.

August: Signed deal with Chinese congolmerate to inject $25 million into the A123, with the possibility of up to $465 million being invested in the company.

August: A123 gets a delisting notice from Nasdaq after the company’s stock price falls below $1 for 30 consecutive days.

October: Files for bankruptcy protection and agrees to to sell its automotive business assets, including facilities in Michigan.

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