A123 Systems and Ener1 Turn to Asia for Revenue Growth

Electric vehicle production is expected to surge in the coming years with lithium-ion batteries considered the most significant factor for the success of modern electric cars. Competition is growing in the once small sector, as large companies step into the market and start using their large production capacities to roll out less expensive batteries and force the sector to compete on price. The Bedford Report examines the outlook for companies in the Industrial Electrical Equipment Industry and provides equity research on A123 Systems, Inc. AONE +0.91% and Ener1, Inc. HEV -2.88% . Access to the full company reports can be found at:

Presently there is significant global investment into lithium ion battery technology, including $5 billion from the US Department of Energy, and China aiming to invest $15 billion, analysts at Lux Research report. In addition South Korea recently unveiled its Battery 2020 Project, which aims to invest $12 billion in battery technologies with the objective in becoming the global leader in advanced battery technology and manufacturing.

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Yesterday A123 Systems announced that it will supply an energy storage system attached to a wind turbine in a test that could lead to further grid business in China. A123 Systems will supply a 500kW advanced energy storage solution to Dongfang Electric Corporation (DEC), the third largest manufacturer of wind turbines in the People’s Republic of China and the country’s largest exporter of power equipment.

Earlier this month Ener1 and Wanxiang Electric Vehicle Co., a division of the Chinese conglomerate Wanxiang Group Corporation, announced that they have received approval from the Chinese government for their joint venture to co-manufacture lithium-ion energy storage systems for the China market.