Boston-Power Increases Another $30 Million for Lithium Batteries

Boston-Power, manufacturer of “next-generation" lithium-ion battery cells, modules and systems, adds $30 million in another equity round.

Existing investor GSR Ventures, led the round, and long-existing investors Oak Investment Partners and Foundation Asset Management also participated.

In September, Boston-Power raised $125 million in growth capital and from Chinese government stimulus programs - comprising a combination of grants, low-interest loans and related financial and tax incentives.

The funding is used to expand manufacturing, research and development, and business development activities in China.

The company recently broke ground on its new manufacturing site in China's Shanghai Corridor and is scheduled for completion by the end of 2012. The plant will be able to produce 400-megawatt hours (MWh) of lithium-ion battery cells a year.

Boston-Power is also establishing a world-class R&D and EV battery engineering facility in Beijing.

It's headquarters, in Westborough, Massachusetts, are responsible for intellectual property development, R&D, global customer support, sales and business development and partnerships with advanced research organizations in the Boston area.

Designed to fuel a wide range of applications, its flagship offerings, Swing^® and Sonata^®, serve as the foundation for a new era of longer lasting, faster charging, safer and environmentally sustainable batteries, the company says.

Swing is used in electric and plug-in vehicles and utility energy storage applications. Sonata is used in portable power and notebook computer markets.

Boston-Power has 150 patents.

Reference: http://www.sustainablebusiness.com/index.cfm/go/news.display/id/23268