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A123 Systems to Develop Lithium Ion Battery Packs for New Plug-in Hybrid Electric Vehicle From Geely

Agreement Further Validates A123’s Advanced Nanophosphate Battery Systems as Cost-Effective Solutions for Meeting Performance and Safety Requirements of Electric Vehicles in the China Market

WALTHAM, Mass., Mar 15, 2012 (GlobeNewswire via COMTEX) — A123 Systems /quotes/zigman/111811/quotes/nls/aone AONE -2.21% , a developer and manufacturer of advanced Nanophosphate(R) lithium iron phosphate batteries and systems, today announced that Advanced Traction Battery Systems (ATBS), A123’s co-owned Shanghai-based joint venture company, has been selected to develop battery packs for a new plug-in hybrid electric (PHEV) sedan from Geely, one of the fastest-growing automakers in China and the parent company of Volvo Car Corporation. Under the terms of the development agreement, A123 will supply 20Ah prismatic cells to ATBS for the production of complete lithium ion battery packs for Geely’s new PHEV, which is expected to launch in China in 2014.

“Geely is broadly recognized as one of the most innovative automakers in China, and the development of a wide range of new energy vehicles is a significant focus of our ongoing R&D efforts. A123’s advanced battery systems demonstrate the strong performance, safety and life capabilities required for vehicle electrification, and we believe the technology is ideally suited to power our new PHEV,” said Mr. You Yi, vice president of Zhejiang Geely Automobile Research Institute Co., Ltd.

Geely is a global automaker with more than 30 different models in its portfolio. In 2011, it produced more than 430,000 vehicles, and there are currently more than 2.2 million Geely vehicles on the road worldwide. A123’s 20Ah prismatic cells are designed to deliver high power, increased safety, extended life and a higher usable energy over a wider state-of-charge, enabling Geely to optimize the efficiency of its design and maximize vehicle range.

“We believe that China, the largest and fastest growing auto market in the world, represents a significant opportunity for our technology, especially to help automakers leverage the government’s ambitious requirements and lucrative incentives for the production of new energy vehicles,” said Jason Forcier, vice president of the Automotive Solutions Group at A123. “Since forming our ATBS joint venture in 2009, we have made significant progress in delivering complete solutions to the passenger and commercial vehicle markets in China. Geely is at the forefront of electric vehicle development, and we believe that this agreement validates A123’s battery technology as well as the systems engineering expertise we have helped cultivate at ATBS.”

About A123 Systems

A123 Systems, Inc. /quotes/zigman/111811/quotes/nls/aone AONE -2.21% is a leading developer and manufacturer of advanced lithium ion batteries and energy storage systems for transportation, electric grid and commercial applications. The company’s proprietary Nanophosphate(R) lithium iron phosphate technology is built on novel nanoscale materials initially developed at the Massachusetts Institute of Technology and is designed to deliver high power and energy density, increased safety and extended life. A123 leverages breakthrough technology, high-quality manufacturing and expert systems integration capabilities to deliver innovative solutions that enable customers to bring next-generation products to market. For additional information please visit www.a123systems.com .

The A123 Systems, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6600

Safe Harbor Disclosure

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks, uncertainties and other factors, including statements with respect to the expected launch date of Geely’s PHEV vehicles, the anticipated benefits and features of hybridization, the ability of A123 to deliver cells to ATBS for integration into battery packs, the ability of ATBS to design and manufacture battery packs for Geely’s new PHEV vehicle, the expected demand for battery packs to be supplied to Geely, and the pace of growth in the Chinese auto market for PHEV vehicles. Among the factors that could cause actual results to differ materially from those indicated by such forward-looking statements are: delays in customer and market demand for and adoption of Geely’s PHEV vehicles, delays in the development, design and delivery of ATBS ‘s battery pack products, adverse economic conditions in general and adverse economic conditions specifically affecting the markets in which A123, ATBS and Geely operate and other risks detailed in A123 Systems’ 10-K for the year ended December 31, 2011 and other publicly available filings with the Securities and Exchange Commission. All forward-looking statements reflect A123’s expectations only as of the date of this release and should not be relied upon as reflecting A123’s views, expectations or beliefs at any date subsequent to the date of this release.

This news release was distributed by GlobeNewswire, www.globenewswire.com

SOURCE: A123 Systems, Inc.

CONTACT: A123 Systems PR Contact:
A123 Systems
Dan Borgasano
617-972-3471
dborgasano@a123systems.com
Edelman
Courtney Kessler
212-277-3720
courtney.kessler@edelman.com
A123 Systems IR Contact:
ICR, LLC
Garo Toomajanian
617-972-3450
ir@a123systems.com

Source marketwatch.com

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