A123 Systems, the developer and manufacturer of advanced, rechargeable lithium-ion batteries, amended the SEC registration statement for its' long-threatened IPO in late June. The document shows a modest gross profit in the first quarter of 2009 on $23 million in revenue and a net loss of about $18 million for the quarter. The document also shows that it has more than 1,800 employees (!) and over 450,000 square feet of manufacturing facilities worldwide....
...The SEC document is worth reading for a glimpse into the steep manufacturing costs of lithium-ion batteries and the long list of risk factors including the impact of gas prices as well as their concentration of revenue from a limited number of customers. It also includes a peek at how execs at leading start-ups are compensated. (In a word, well.)
According to the filing, North Bridge Venture Partners owns 12.5 percent of the firm and GE owns 11.7 percent of A123. CEO David Vieau owns 2.2 percent....MORE
Monday, August 3, 2009
A123: The IPO That Jumpstarts the Greentech Era? (Batteries)