Two cleantech developments caught my eye today.
First was the announcement by General Motors
This is a pretty significant blow to A123 Systems, a company that I recently identified as a top cleantech company to watch in 2009. Whether this whiff will affect A123's IPO aspirations remains to be seen. The company does have other projects in the works, such as a smart-grid solution in tandem with AES
The other general -- General Electric
The second part of the announcement makes A-Power's pop more clear. The two companies are also forming a gearbox assembly joint venture, which will operate under the GE Transportation moniker. By choosing to partner with A-Power, GE is demonstrating a very significant vote of confidence in the Chinese player.
A-Power's shares have really gotten hammered since their summer highs, so you can imagine the relief of investors here. Financial concerns aside, GE is a dream partner, given its marketing and manufacturing know-how. Unlike some of the odd short squeezes we've seen this month, Monday's share price move appears well justified.