NEC completes deal for Westborough-based division of A123
NEC Corp. has finalized its purchase of the Westborough-based energy solutions business of A123 Systems from China’s Wanxiang Group, the Japan-based technology networking provider announced Friday.
NEC Corp. has finalized its purchase of the Westborough-based energy solutions business of A123 Systems from China’s Wanxiang Group, the Japan-based technology networking provider announced Friday.
The deal, announced in March, is worth about $100 million.
A123 Systems will now operate as NEC Energy Solutions Inc. (NECES), with former A123 Systems president Bud Collins serving as CEO, the company said.
NECES will continue to focus on advanced batteries for electric grid, backup power and lead-acid replacements for commercial applications.
“With the completion of this acquisition, we are poised to grow and expand our portfolio of products and services that address the needs for intelligent energy solutions around the world,” Collins said in a statement.
As part of this acquisition, NECES and Wanxiang will also create a joint venture to develop a grid energy storage and commercial systems business in China, the company said.
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