MassCEC Approves $5M Forgivable Loan for A123 Systems; Targeted at Expansion for Grid Storage Systems
Green Car Congress
APRIL 26, 2010
The Massachusetts Clean Energy Center (MassCEC) has approved a $5-million forgivable loan for Li-ion battery manufacturer A123 Systems contingent on its hitting job creation and private investment milestones. The expansion was supported by a $249 million federal stimulus US Department of Energy grant designed to accelerate the manufacturing and deployment of the next generation of batteries for plug-in hybrid and all-electric automobiles.