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Components | January 03, 2012

Boston-Power adds $30 million in funding

Boston-Power, Inc., announced $30 million in new private equity.
The funding was led by existing investor GSR Ventures. Long-standing Boston-Power investors Oak Investment Partners and Foundation Asset Management (FAM) also participated.

The investment follows Boston-Power’s September 2011 announcement of $125 million in growth capital and Chinese government stimulus programs – comprising a combination of grants, low-interest loans and related financial and tax incentives– and is being used to scale manufacturing, research and development, and business development activities in China for the company’s award-winning energy storage technology and products.

Moving rapidly to capitalize on its expanded opportunities in China, Boston-Power recently broke ground on its new manufacturing site in Liyang. Located in the Shanghai Corridor and scheduled for completion by the end of 2012, thestate-of-the-art facility will be capable of producing 400 megawatt hours (MWh) of lithium-ionbattery cells annually.

Concurrently, Boston-Power is establishing a world-class R&D and EV battery engineering facility in Beijing. Augmenting those capabilities, Boston-Power’s Westborough, Massachusetts-based team maintains responsibility for intellectual property development, research and development, global customer support, sales and business development and partnerships with advanced research organizations in the Boston area.

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