Nancy Pelosi was in my hometown today at A123 Systems, a battery manufacturer & 'greentech battery' proof that the Stimulus is working.
The Watertown, Mass based company was a recipient of a $249 million federal stimulus grant and wasted no time in putting the money to good use. It kicked off a ream of IPO fillings with it's $371 million offering. Through its green-tech manufacturing of lithium-ion batteries, the company has created more than 50 corporate, research and development jobs. It plans on adding 250 more jobs with the expansion of its Michigan plant. This undertaking has a $5 million forgivable loan, an incentive that has already been approved by the Massachusetts Clean Energy Center, hanging in the balance.
Earlier last month, A123 Systems CEO David Vieau said that their batteries, which are made for plug-in hybrids and electric cars, are being considered on a larger scale. This statement followed the announcement that the company struck a hybrid plug-in deal with Eaton Corporation, making their target of 250 more jobs is not too far-fetched.
Speaker Pelosi toured the clean energy company with Vieau and U.S. Rep Ed Mackey to highlight one of the many success stories of the stimulus program.
So the next time you are wondering what the stimulus money is doing, check out your backyard, there are many A123 Systems' if you just look.
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