Boston-Power, Inc., a Westborough, Massachusetts-based provider of next-generation lithium-ion battery cells, modules and systems, received $30m in private equity.
The company is using the proceeds from the investment, which follows a $125m growth capital round and Chinese government stimulus program (read here) to scale manufacturing, R&D, and business development activities in China for its energy storage technology and products.
Founded in 2005 by International Chairman Dr. Christina Lampe-Önnerud, Boston-Power is building a new manufacturing site in Liyang. Scheduled for completion by the end of 2012, the facility will be capable of producing 400 megawatt hours (MWh) of lithium-ion battery cells annually.
The company is also establishing an R&D and EV battery engineering facility in Beijing.