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Li-ion Startup Sakti3 Raises $7 Million in Series B Financing

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an Ann Arbor-based developer of next-generation lithium-ion batteries ( earlier post ), has completed a $7-million Series B round of financing. The capital, from new investor Beringea and previous investor Khosla Ventures, will fund the company’s expansion of its Michigan-based research, development and manufacturing capabilities.

Financing 199
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Michigan, Cavnue to create corridor for connected and autonomous vehicles between Ann Arbor and Detroit

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Michigan Governor Gretchen Whitmer announced an initiative to develop a first-of-its-kind corridor for connected and autonomous vehicles (CAV) designed to improve transportation for communities in Southeast Michigan. This includes leading test tracks, universities, automotive companies, and key economic anchors.

Michigan 221
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Mascoma and Valero establish JV for commercial-scale hardwood cellulosic ethanol facility; Valero providing majority of financing

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These costs are fully funded, with Valero providing the majority of the financing, and the remainder from awards by the US Department of Energy (DOE) and the State of Michigan. In January, Valero invested in Mascoma ( earlier post ). Mascoma, through its subsidiary Frontier, will hold a minority interest.

Financing 210
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Energy Conversion Devices files Chapter 11, seeks sale of businesses; Ovonic Battery Company sold to BASF Corporation

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a pioneer in materials science and renewable energy technologies, today voluntarily filed a petition for relief under Chapter 11 in the US Bankruptcy Court for the Eastern District of Michigan. Bankruptcy Court for the Eastern District of Michigan. 51-year-old Energy Conversion Devices, Inc. Earlier post.) Chapter 7 for SIT. (SIT),

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A123 Systems Opens Li-ion Automotive Battery Manufacturing Plant in Michigan

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In addition to the DOE grant, the company received $125 million in state incentives from Michigan as part of its 21 st Century Jobs Fund to help finance these manufacturing facilities.

Li-ion 186
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Ford, Ford Credit introduce sustainable financing framework prioritizing EV, clean production, community investments

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Ford Motor Company and its financing subsidiary, Ford Motor Credit Company, introduced the North America auto industry’s first sustainable financing framework, focusing on and paying for ambitious plans in vehicle electrification and other environmental and social areas. Vigeo Eiris, an arm of Moody’s Corp.,

Financing 170
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A123 Systems 8K filing says substantial doubt about its ability to continue as a going concern; status of grants and incentives

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million to replace battery modules and packs that may contain defective prismatic cells produced at A123’s Livonia, Michigan manufacturing facility. million related to inventory produced at its Michigan facilities that may be defective. State of Michigan Center of Energy and Excellence Grant. Michigan Economic Growth Authority.

Grant 299