Boston-Power Raises $30M in Private Equity

Boston-Power, Inc., a Westborough, Massachusetts-based provider of next-generation lithium-ion battery cells, modules and systems, received $30m in private equity.

The round was led by existing investor GSR Ventures, with participation from existing investors Oak Investment Partners and Foundation Asset Management (FAM).

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.



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