June 15, 2012
CAMBRIDGE, Mass. — Can anyone make a battery that’s durable and lasts longer than the status quo? A123 Systems thinks it can — and just in time. The Boston-area cleantech company has been struggling with layoffs and lost revenues, but says it has a new lithium-ion battery that is better and cheaper for electric vehicles. The technology could also be used to store energy for the electric grid. A123 plans to hire 400 new workers in Michigan, as it ramps up production in a tough climate for energy companies.
In other innovation news…
Waltham-based Constant Contact is expanding in Web marketing with its acquisition of New York startup SinglePlatform, which helps restaurants and businesses list their menus and products online. The acquisition could be worth up to $100 million including earn-outs.
Our deal of the week goes to Boston-based Rhythm Pharmaceuticals, a developer of drugs for diabetes and obesity. The two-year-old company has raised $25 million in new venture funding.
And Ministry of Supply, a startup out of MIT, has launched a campaign on the Kickstarter website to support production of its high-tech, thermal-regulating dress shirts. It joins Blank Label as another local apparel company using crowd-sourced funding to roll out new products.
The weekly roundup of business, technology and life science news from our partners at Xconomy.com airs every Friday on 89.7 Boston Public Radio.