NEC Buys A123's Grid Energy Storage Business For $100 Million

NAW Staff, Tuesday 25 March 2014 - 00:00:00

NEC Corp. has acquired the A123 Energy Solutions business unit of A123 Systems LLC, a wholly owned subsidiary of Wanxiang Group.

NEC says this acquisition, for approximately $100 million, strengthens the company's energy storage capability of its smart energy business. An agreement on the terms of the deal has been finalized, and a new company, NEC Energy Solutions, is slated to begin operation in June.

"With these combined strengths, NEC Energy Solutions will be able to help satisfy the growing demand for energy storage worldwide, whether driven by increased penetration of renewable energy, more effective grid-stabilization services, or the desire for reinforcement of existing transmission and distribution grids," says Takemitsu Kunio, senior vice president of NEC Corp. "Improving energy reliability, sustainability and security, we will provide turnkey energy storage solutions, ranging from utility-side storage at the megawatt scale, down to behind-the-meter storage at the kilowatt scale."





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