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A123Systems Acquires Hymotion (archived)
Transaction combines Automotive Class Lithium Ion™ technology with vehicle-level power-engineering experience to address the needs of the growing aftermarket demand for plug-in hybrid modules
Watertown, Mass. – May 3, 2007 – A123Systems today announced that it has completed the acquisition of Hymotion, Inc., the leading fabricator of aftermarket plug-in hybrid modules. These Battery Range Extender Modules (BREMs) can be easily installed in the spare tire well of most hybrid vehicles, enabling current production models to become Plug-in Hybrid Electric Vehicles (PHEVs) capable of achieving 100 or more miles per gallon. Converted PHEVs have the potential to reduce oil consumption by as much as 75 percent and CO2 emissions by up to 50 percent over today’s internal combustion engine powered vehicles.
“With 5 million hybrids expected on the road by the end of 2010, we feel there is a significant opportunity for an interim aftermarket solution allowing consumers to experience the oil and CO2 reduction benefits that PHEV upgraded vehicles provide,” said David Vieau, President and CEO.
The Hymotion acquisition provides A123Systems access to critical early IP on Plug-in Hybrid systems technology as well as valuable experience with engineering BREMs using A123Systems’ Automotive Class Lithium Ion batteries. Terms were not disclosed.
“The fleet market has been an important testing ground for PHEVs” said Ricardo Bazzarella, Co-founder and President of Hymotion. “The Hymotion systems will continue to be available to the growing fleet market. Over the coming months we will work to reduce delivery times to fleets by standardizing packaging and in anticipation of having a consumer ready system for 2008 introduction.“
“BREM technology is the near-term answer for plug-in hybrid vehicle technology and, thanks to recent joint contracts with NYSERDA and the South Coast AQMD, no company had nearly as much real-world data on engineering aftermarket modules with A123Systems’ batteries as Hymotion,” said Akos Toth, Co-Founder and Director of Engineering of Hymotion. “Joining forces with A123Systems enables us to more efficiently address demand for plug-in hybrid electric vehicles today.”
The Hymotion team has a deep history in the alternative fuel and heavy duty vehicle segments, bringing critical integration and design experience to the group. This valuable experience includes work with OEMs such as Daimler-Chrysler and BMW, as well as heavy duty manufacturer Orion Bus Industries, and alternative fuels companies, Hydrogenics and Quantum Technologies.
The A123Systems Nanophosphate™ cells are next-generation lithium-ion batteries designed for exceptional power, safety and life. A123System’s Automotive Class Lithium Ion cells have been optimized specifically for use in HEV and PHEV applications.
About Hymotion
Hymotion, the Canadian subsidiary of A213Systems, is the leading provider of aftermarket plug-in hybrid conversions with their Battery Range Extender Modules (BREMs). Hymotion brings over ten years of experience in the alternative trasnprtation industry. As a green technology compnay, their missions is to enable hybrid owners to maximize the fuel efficiency of their vehilces and minimize their carbon footprint. Hymotion's BREMs are powered by A123Systems' batteries. For additional information please visit ww.hymotion.com.
About A123Systems
A123Systems is one of the world’s leading suppliers of high-power lithium ion batteries. The company’s patent pending Nanophosphate™ technology enables its batteries to deliver a previously unavailable combination of power, safety and life. Applicable to a wide range of industries, A123Systems’ products remove many traditional technology constraints to provide OEMs expanded flexibility in system design. With world-class expertise and management, global manufacturing operations and one of the largest automotive lithium ion R&D teams, A123Systems’ and its Automotive Class Lithium Ion™ products are helping to accelerate platform electrification. Founded in 2001 and headquartered in Massachusetts, A123Systems’ proprietary nanoscale electrode technology is built on initial developments from the Massachusetts Institute of Technology. A123Systems' Advanced Research & Government Solutions Division in Ann Arbor, Michigan is nationally recognized for new materials development and cutting-edge research. For additional information please visit www.a123systems.com.