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.
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