Business

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

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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.

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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