A123 surges on China grid-stabilization contract
A123 Systems Inc., a US maker of lithium-ion batteries for electric cars, surged the most in more than a month after winning a contract to supply a 2-megawatt system to China’s Ray Power Systems Co. to help regulate power- grid frequency.
A123, based in Waltham, rose 13 percent to 78 cents at 9:35 a.m in New York. Earlier it climbed as much as 16 percent, the most intraday since June 12.
The batteries will store electricity until needed to help stabilize China’s electric grid and allow for the integration of fluctuating renewable-energy resources such as wind and solar power plants, Ray Power Systems said today in a statement released by A123.