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Chinese company could invest up to $450m in battery maker A123

A123 Systems, a Waltham company that makes lithium batteries, said Wednesday that it has signed a non-binding memorandum of understanding with Wanxiang Group Corp. that establishes the framework for a strategic investment through which Wanxiang would invest up to $450 million in A123.

Wanxiang is China’s largest automotive components manufacturer and one of China’s largest non-government-owned companies, A123 said.

A123 has been struggling from a recent recall of defective batteries, a cut in orders from one of its largest customers, and concerns it disclosed in financial filings earlier this year about its ability to raise enough cash to meet operating needs. In a separate press release, A123 reported a second-quarter net loss of $82.9 million on revenues of $17 million.
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