A123 Systems and IHI Corporation Sign Joint Marketing Agreement to Develop Advanced Battery Technology Business in Japan

IHI is one of the largest heavy industry equipment makers in Japan with long-standing business operations in the automotive, utilities, marine and aerospace industries. With over 24,000 employees around the world and over 155 years of history, IHI customers include major Japanese car makers Toyota, Honda, Nissan, Mazda, Suzuki and Mitsubishi. The company is a tier one turbo charger supplier to truck and auto makers all over the world.

We are very pleased to have found such a strong partner in IHI as we begin to identify a portfolio of energy storage business opportunities in the Japanese market, said David Vieau, A123 Systems' president and chief executive officer. We believe their confidence in our technology is another important validation of both our product offerings and our business strategy as a vertically integrated supplier of lithium ion batteries and battery systems. We continue to diversify our business pipeline by designing and producing products for multiple customer applications and can now more efficiently bring these technologies to the important Japanese market.

Our collaboration with A123 is a significant step forward in our commitment to the application of technology that can help reduce carbon emissions. We believe that A123 has excellent lithium ion battery technology and our strategic alignment will allow us to collaborate in multiple market segments and technology applications, said Kazuaki Kama, IHI Corporation's president and chief executive officer.