NEC Corp. has completed the previously announced acquisition of A123 Energy Solutions, the grid energy solutions and commercial energy systems business of A123 Systems, from China-based Wanxiang Group.
NEC says this acquisition, for approximately $100 million, strengthens the company's energy storage capability of its smart energy business. A123 Energy Solutions will now operate as NEC Energy Solutions Inc. (NECES), and 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.
"We are very pleased about the establishment of NEC Energy Solutions, and with it the full-scale entry into the grid energy storage and industrial batteries marketplace," says Takemitsu Kunio, senior vice president of NEC Corp. "We will leverage the strengths of the NEC Group to enhance our offerings to support the renewable energy sector, the utility sector, the telecommunications sector and others."
