GE’s lithium ion battery hybrid car batteries
GE, the second-largest U.S. company said it has invested $20 million in A123 Systems, a technology company based outside Boston that is developing high-capacity, lithium ion battery hybrid car batteries for electric and hybrid cars.
GE also said it would open its research center in Niskayuna, New York to help develop lithium ion battery hybrid car batteries for electric autos.
Hybrid cars use both a traditional internal combustion engine and an electric motor, while plug-in electric cars draw their power from the grid and store it in batteries.
“Our work with A123 and Think taps GE’s unique combination of venture capital, engineering, process and commercial expertise to help burgeoning, next-generation technology companies bring their innovative products to market,” said Kevin Walsh, managing director at GE Energy Financial Services.
