DTE Energy is the parent of Detroit Edison and MichCon, which supply electricity and natural gas, respectively, to more than a million Michigan customers.
A123 is developing advanced lithium-ion batteries for use in electric vehicles and other applications. It plans to open a battery manufacturing plant in Livonia, Michigan, and has established an engineering group in nearby Novi, a Detroit suburb.
DTE Energy Ventures' investment in A123 was part of a $69 million financing round that was completed in early May.
"We believe A123Systems has the potential to become a leading player in its industry, and we are also pleased with its decision to invest in Michigan," DTE Energy Chairman Anthony Earley said. "Investment by leading edge, high-tech companies like A123Systems can help transform both the auto industry and Michigan's economy."
Inside Line says: Michigan energy customers should be thrilled to know that some of their monthly utility-bill payments are going to support Chrysler's EV battery supplier. — Paul Lienert, Correspondent
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