Boston-Power gets backing from Chinese government, GSR-led consortium
The Chinese government, in partnership with GSR Ventures and existing investors Oak Investment Partners and Stockholm-based Foundation Asset Management, has invested $125 million in lithium-ion battery maker Boston-Power.
The company will use the growth capital and government incentives - which include grants, low-interest loans and related financial and tax incentives - to bolster its manufacturing, R&D and business development activities in China. It plans on opening a state-of-the-art R&D and EV battery engineering facility in the country capable of producing 400 megawatt hours of lithium-ion battery cells annually by the end of 2012.
GSR led the financing round, and as part of the transaction, Managing Director Sonny Wu has been appointed chairman of the board of directors.
Boston-Power will also shift operational resources and positions from Westborough, Massachusetts, to an undisclosed location in China. Details of the move have not been finalized, but the Westborough office will likely retain responsibility for intellectual property development, R&D, global customer support, sales and business development.
"Innovation in energy storage is redefining whole industries and allowing us to rethink what's possible for transportation, utilities, consumer electronics and countless other sectors," Boston-Power Founder and International Chairman Christina Lampe-Önnerud said in a statement. "The growth capital and incentives announced today position Boston-Power even more strongly to continue to deliver game-changing energy storage to customers from around the world."
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