Lithium ion battery maker A123 Systems today announced that it has raised $30 million in fifth-round funding, and peHUB has learned that the deal came with a post-money valuation of approximately $350 million.
This makes A123 the best-capitalized private company in the next-generation battery space, and probably the most-highly valued to boot.
The round did not include any new investors, but return backers include General Electric, Procter & Gamble, Alliance Capital, Motorola, Qualcomm, North Bridge Venture Partners, Sequoia Capital, CMEA Ventures, FA Technology Ventures, OnPoint, Carruth Management and board chairman Desh Deshpande.
A123 has now raised a total of $132 million, and would seem poised for a public market appearance. The Watertown, Mass.-based company recently inked a deal with GM to develop batteries for the Chevy Volt, and also agreed to help power BAE Systems’ HybriDrive propulsion systems. It also has deals to provide batteries for Black & Decker power tools, Saturn Vye hybrid vehicles and battery packs worn by U.S. Army soldiers (ones that won’t catch fire if pierced by shrapnel).
As investor Howard Anderson told me back in January: “There is not a better IPO candidate in all of New England than A123.”
The company declined to comment on the $350 million valuation.