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.


Please note the following: Critical comments are allowed and even encouraged. Discussions are welcome. Verbal abuse, insults and racist / homophobic remarks are not. Such comments will be removed.
Further details can be found here.
Load more news
July 18 2018 5:55 pm V10.0.0-2