Boston-Power, Inc., a Westborough, Massachusetts-based provider of next-generation lithium-ion battery cells, modules and systems, raised $125m in new private equity funding and Chinese government incentives.
The private equity round was led by GSR Ventures, with participation from existing investors Oak Investment Partners and Foundation Asset Management. In addition, the Chinese government is providing a range of grants, low-interest loans and related financial and tax incentives through its stimulus programs and local industrial policies.
The company intends to use the proceeds to scale manufacturing, research and development, and business development activities in China for its energy storage technology and products. Boston-Power is establishing an R&D and EV battery engineering facility in China, which will develop new energy storage products and solutions, as well as building an advanced manufacturing facility that will be capable of producing 400 megawatt hours (MWh) of lithium-ion battery cells annually by the end of 2012.
As part of its plans, the company is reallocating its global resources. This includes transitioning a number of positions and responsibilities from its Westborough, Massachusetts offices, which 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.
Founded in 2005 by International Chairman Dr. Christina Lampe-Onnerud, Boston-Power provides lithium-ion battery cells, blocks, modules and systems designed to fuel a wide range of applications, with longer lasting, faster charging, safer and environmentally sustainable batteries.
In conjunction with the funding, GSR Ventures Managing Director Sonny Wu will serve as chairman of Boston-Power’s board of directors, which also includes:
– Bandel Carano, managing partner, and Allan C.Y. Kwan, venture partner, Oak Investment Partners;
– Richard Nilsson, senior analyst, Foundation Asset Management; and
– Robert C. Purcell, Jr., CEO, Protean Electricand.