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 (earlier post)—comprising a combination of grants, low-interest loans and related financial and tax incentives&madsh;and is being used to scale manufacturing, research and development, and business development activities in China for the company’s technology and products.
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, the facility will be capable of producing 400 MWh of lithium-ion battery cells annually. Concurrently, Boston-Power is establishing an 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.
GSR Ventures is an early-stage venture capital firm focused on building world-class technology companies in China. The firm invests primarily in the Internet, wireless, green technology, and semiconductor sectors. Founded in 2004, GSR has more than 50 companies in its portfolio and more than US$1 billion under management.
Original article: http://www.greencarcongress.com/2011/12/bostonpower-20111222.html
