Image via CrunchBaseI've been watching Lithium-ion car battery maker A123 Systems (NASDAQ:AONE) for a few years now and have been anxiously awaiting their IPO. Thus far, AONE shares have not disappointed, rocketing as much as 45 percent in its NASDAQ debut.
$AONE began the trading day at $17, got as high as $20 before noon, and is hovering around $19.86 as I write this post. The IPO delivered a premium over its $13.50 share price.
The brain-child of MIT scientists, Waltham, Massachusetts-based A123, develops batteries and battery systems for electric vehicles, including plug-ins using a proprietary nanophosphate technology.
A123 has an impressive list of investors among its principal shareholders, including GE, Qualcomm, Motorala, and North Bridge Venture Partners, an equally impressive client list, and a recent vote of confidence from the federal government, receiving $249M as part of the stimulus funds for electric car advancement.
I know there are plenty of naysayers out there. After all, A123 has been losing money since its launch in 2001 ($146M on $168M in revenue). But it has done one thing extremely well: focused on improving its technology and becoming the leading developers of advanced car system batteries and battery systems for the electric grid and consumer markets in the US.
(Disclosure: Long AONE)