Westborough Mass based Boston-Power, Inc., has just raised another $30 million in new private equity funding. This puts their total funding at $346 million and comes just months after a massive $125 million funding round. The new funding was led by existing investor GSR Ventures. Long-standing Boston-Power investors Oak Investment Partners and Foundation Asset Management (FAM) also participated.
While this news is tremendous for Boston Power, which makes next-generation lithium-ion battery cells, modules and systems, the new money will go directly to China. Boston Power is currently building a new manufacturing site in Liyang China and establishing a R&D and EV battery engineering facility in Beijing. Their Westborough facility will maintain 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.
Original article: http://bostinno.com/2011/12/22/boston-power-raises-another-30-million-in-funding-for-china-expansion/
