A123 In Talks to Settle Patent Dispute

Lawsuit pits the new publicly traded battery maker against the University of Texas and HydroQuebec.

Published: 25-Sep-2009

AUSTIN -- A123 Systems Inc., a maker of lithium batteries for plug-in cars that first sold stock today, is in talks to end a patent dispute with the University of Texas and Hydro-Quebec over technology underlying its products.

The parties “continue to engage in ongoing settlement discussions that may resolve the issues in dispute in this matter,” A123 said in a Sept. 15 court filing. Shares of the Watertown, Massachusetts-based company soared 50 percent in the first day of trading on optimism A123 will benefit from the U.S. push for battery-powered vehicles.

“We have a strong business model and don’t see this as a major issue,” Ric Fulop, A123’s co-founder and vice president of business development, said in an interview. He declined to discuss the litigation or settlement discussions.

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