Filed under: EV/Plug-in, Hybrid
Massachusetts-based battery maker A123 Systems finally completed its initial public offering on Thursday. The lithium ion start-up offered 28,180,501 shares of its common stock at an opening price of $13.50 a share. Apparently, traders on the Nasdaq exchange thought the price was too low and quickly bid it up to a first day closing price of $20.29 a share, a healthy 50-percent gain. For those interested in following the stock, it is listed under the ticker symbol AONE on the NASDAQ listings.A123 was one of the suppliers that was evaluated by General Motors for the Volt and plug-in hybrid Vue programs. The company has also partnered with Chrysler on its electric and extend-range vehicle programs. A123 has developed a lithium iron phosphate battery chemistry that uses nano-sized electrode coating particles, which allow for more surface area and better thermal stability, thereby improving durability. Click past the break for the press release.
[Source: A123 Systems]
Continue reading A123 Systems goes public, stock jumps 50% on first day to $20.29
A123 Systems goes public, stock jumps 50% on first day to $20.29 originally appeared on Autoblog Green on Fri, 25 Sep 2009 11:30:00 EST. Please see our terms for use of feeds.
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