Car-battery maker A123 Systems Inc. has just finished raising $69 million, $15 million of which came from General Electric. This sum puts GE’s total ownership of the company at 10 percent and gets it a seat on the company’s board.

The money will go to building factories in Michigan to build lithium-ion batteries for the hybrid and electric car industry.

A123′s large investment is great news for Michigan, who has obviously suffered terribly from the recession and it’s effects on the auto industry.

A123 has already secured a major purchase of its batteries in Chrysler who will use the batteries for its upcoming line of electric cars.

President and chief executive of A123, Dave Vieau, stated that the success of the capital campaign shows that despite the crippled economy, investors are still looking for alternative energy tech that has potential.

By 2013 the production facilities that A123 is going to build will be capable of producing batteries for five million hybrid vehicles or a half-million plug-in electric cars like the Chrysler 200C EV pictured above.