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GM Battery Partner Gets $30M Jolt
A123 has received $30 million in fresh venture capital. The funding round, led by CMEA Ventures, was joined by A123’s list of blue-chip corporate backers as well as previous investors North Bridge Venture Partners, Sequoia Capital, Ventures, FA Technology Ventures, Carruth Management, and OnPoint, the venture-capital unit of the U.S. Army.
Watertown, Massachusetts-based A123 plans to build new manufacturing sites as it enters the automotive market. GM has made a highly publicized bet on the Chevy Volt plug-in hybrid. The company hopes to leapfrog the popular Prius hybrid from rival Toyota, but the batteries that could give the Volt the needed range have yet to be developed.
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