Chinese Make Major Investment In High Tech Battery Company That Supplies Fisker

Struggling battery maker A123 Systems Inc. — with nearly 800 employees in Michigan — said it reached a deal with a Chinese auto parts company for an investment of up to $450 million that could keep the company in business.

The investment could see the Chinese firm acquire A123.

Waltham, Mass.-based A123 said it had reached a non-binding agreement with Wanxiang Group Corp., which could see the Chinese firm ultimately own 80 percent of the company.

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