A team of lawyers from K&L Gates LLP has advised NEC Corporation on its acquisition of the electric grid storage division of electric battery maker A123 Energy Systems LLC. A123 was acquired by Wanxiang American Corporation last year in a 363 bankruptcy sale. In connection with the acquisition in the U.S., Wanxiang and NEC will enter into a joint venture to develop an electric grid storage business in the People’s Republic of China, with A123 retaining its automotive battery business.
The K&L Gates team advising NEC Corporation on this approximately USD $100 million acquisition was led by Tokyo partner Ryan Dwyer and Charlotte partner John Allison. They were assisted by a multidisciplinary team of lawyers that included 25 partners across offices in Asia, the U.S., and Europe.
“We are delighted to have advised NEC Corporation on its acquisition of A123 Energy Systems LLC, further strengthening their global presence in the smart energy business,” said Dwyer.
According to NEC, A123 Energy Solutions will be integrated into the NEC Group of companies and operated globally as a key element of the business. A123 Energy Solutions has supplied some of the world’s leading utility companies and independent power producers, including applications in North America, South America, Europe, the UK, and Asia, such as recent 2MW and 500kW installations in China.
