One of the leading lithium-ion battery makers in theUSAis set to expand into China after announcing $30million in new private equity.
The company has received investment from GSR Ventures, as well as Oak Investment Partners and Foundation Asset Management. It follows on from an announcement in September of $125million in growth capital and Chinese government stimulus programmes that is being used to boost manufacturing, research and development in the country.
Boston Power has started work on a new manufacturing site in Liyang and hopes the facility will be open by the end of 2012 ? it will be capable of producing 400MWh of lithium-ion battery cells every year. Meanwhile, the company is also establishing an electric vehicle battery research and development, and engineering facility in Beijing.?
Of course this doesn?t mean that it is turning its back on its Massachusetts roots. It will still have a team in Westborough that focuses on intellectual property development, global customer support, research and development and business development and partnerships.