The clean tech IPO gold rush continued late last week after one of the leading providers of battery technology to electric and hybrid car manufacturers announced plans for a $175m floatation.

US-based A123 Systems announced late last week that it had filed a registration statement with the Securities and Exchange Commission (SEC) detailing plans to float on the NASDAQ under the ticker symbol "AONE".

The company did not reveal the number of shares it plans to issue or targeted price range, but outlined its intention to invest the funds raised from a share sale in expanding its manufacturing capacity, servicing debt, stepping up R &D activity and bolstering sales and marketing efforts. It added that is could also divert some of the funds to pay for acquisitions of other firms or technologies.

As a developer of advanced lithium-ion batteries and energy storage systems, A123 Systems has emerged as one of the key players in the booming electric vehicle market. It has previously attracted $20m in investment from engineering giant GE and has also inked major deals to supply its technology to Norwegian electric vehicle specialist Think and General Motors, which is planning to use the company's batteries in its imminent plug in hybrid car the Volt.

The joint book-running managers of the offering are Morgan Stanley and Goldman Sachs.

The filing is the latest in a spate of clean tech IPOs as alternative energy companies continue to defy the sluggish IPO market afflicting other sectors.

Last week, US wind farm developer First Wind and solar cell specialist Specialized Technology Resources Holdings both announced plans to raise a combined $750m through IPOs. The announcements followed a hectic few months that have seen a raft of clean tech firms float, including solar outfits GT Solar, Real Goods Solar and SMA Solar Technology, and wind developer Noble Environmental Power.

Speaking last week, Richard White of investment research firm Library House predicted that clean tech firms would continue to defy the otherwise downbeat IPO market.

"The market conditions for IPOs aren't great and overall venture capital investment and IPOs both dropped during the first half of the year," he said. " But while the economic outlook is uncertain, investors realise that the other factors that make clean tech an attractive proposition, such as rising energy process and underlying regulatory issues, are still there."