A123 Systems Soars on BAE Systems Contract

A123 Systems

is trading higher on the session following the announcement yesterday that it will supply lithium ion battery packs to BAE Systems

for hybrid electric propulsion system. Jason Forcier, vice president of the Automotive Solutions Group at A123 said "We believe that our programs with BAE Systems have served as validation of our Nanophosphate battery technology as a dependable solution for hybrid bus applications, which has helped establish A123 as the leading provider of lithium ion battery systems for the heavy vehicle market." A123 Systems is currently trading at $0.85, a gain of $0.16 or 23.04%