Beleaguered lithium ion battery maker A123 Systems said today it is forming a new division called A123 Venture Technologies which will be modeled as a technology incubator.
Officials said A123 Venture Technologies will assist partners needing infrastructure to grow and commercialize their technologies by providing access to the company's test and development laboratories in Waltham and Hopkinton, and Romulus, Mich.
The division will also bring funding capital needed to invest in new initiatives with its access to private equity and venture capital, officials added.
"We are excited about the launch of A123 Venture Technologies as a new business model designed to accelerate the market introduction of game-changing technologies," said A123 Systems' Chief Technology Officer Mujeeb Ijaz. "By leveraging our experience and capabilities, our strategic partners can shorten their time to market, while also mitigating risk and minimizing capital expenditures."
A123 Systems, which filed for bankruptcy last year, is a wholly owned subsidiary of Wanxiang Group.
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