The Chinese takeover of U.S. cleantech companies continues. Battery maker A123 Systems is looking to receive an investment of up to $450 million from China-based Wanxiang Group.
The Waltham company has seen its stock price fall below $1 and is hoping to stabilize its finances. Meanwhile, its competitor Boston-Power is now supplying its battery technology to Beijing Electric Vehicle Company. The news comes less than a year after Boston-Power moved most of its operations to China.
In other area deals, Waltham-based Care.com has raised $50 million in new venture capital to expand its online directory of family care services to more countries.
Our startup of the week is Boston-based Fashion Project. Founded by two Harvard Law School grads, the company is building an online store that earns money for nonprofits by reselling used, high-end clothing.
And finally, the local tech community is divided over the concept of the Singularity. This is the idea that technology will give birth to a superhuman artificial intelligence, beyond which we can’t make any predictions. According to an unscientific poll, 55 percent of Boston tech CEOs believe this to be true. What does it all mean? Well, since no one could even predict the impact of the iPhone, I would have to say, very little.
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.