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.
