NEC acquires A123 from Wanxiang
Japan’s NEC Corporation has completed the acquisition of A123 Energy Solutions, a utility-scale energy storage systems and battery provider from China's Wanxiang Group.
Financial terms of the transaction were not made public. A123 Energy Solutions will now operate as NEC Energy Solutions, Inc. (NECES).
As part of this acquisition, NECES and Wanxiang will create a joint venture to develop the grid energy storage and commercial systems business in China.
NECES will focus on providing solutions that strengthen, stabalize and sustain energy infrastructure to incorporate greater amounts of wind and solar power and to support aging grids and improve their operations.
"We are excited to see the momentum building for the installation of grid storage around the world and for lithium batteries in commercial applications," says NECES chairman Hideki Niwaya.
Storage is seen as the next big technological advance to help lower the cost of intermittent power sources such as wind and solar.