NEW YORK, NY--(Marketwire - May 17, 2011) - Electric vehicle production is expected to surge in the coming years with lithium-ion batteries considered the most significant factor for the success of modern electric vehicles. Lithium-ion batteries use various materials depending on the purpose, with cobalt, nickel, manganese and lithium typically being the primary elements. In keeping with the green initiative, the lithium in the battery is completely recyclable, although it is currently not cost-effective. The Bedford Report examines the outlook for companies in the Industrial Electrical Equipment Industry and provides research reports on A123 Systems, Inc. (NASDAQ: AONE) and Advanced Battery Technologies, Inc. (NASDAQ: ABAT). Access to the full company reports can be found at:
A123 Systems, a developer and manufacturer of advanced Nanophosphate lithium-ion batteries, announced last week that it entered into a production agreement with Smith Electric Vehicles to supply battery modules for Smith's portfolio of all-electric commercial vehicles. A123 says that it will begin shipping its 5-kWh automotive-class prismatic modules to Smith for integration into battery packs in the second half of 2011. Smith Electric Vehicles said the company selected A123 Systems as a strategic supplier because it offers cost-competitive, high-quality solutions that meet the performance, safety and life requirements. Last week A123 said that its first quarter loss widened to $53.6 million (51 cents/share) from $29 million (loss of 28 cents/share) in the same quarter a year earlier.
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Advanced Battery Technologies is a leading manufacturer and distributor of rechargeable polymer lithium-ion batteries. The company is also involved in the development and manufacturing of electric bikes, scooters and sports utility vehicles. The company is operational in the United States, Asia and Europe. Yesterday, Advanced Battery Technologies said that it had revenue of $28,641,735 for the three months ended March 31, 2011, an increase of $9,092,718 or 46.5%, compared to $19,549,017 for the three months ended March 31, 2010.
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