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China’s GSR leads $30m round for green battery maker Boston-Power

22 Dec 2011

Chinese venture capital firm GSR Ventures has led a $30m financing round for Boston-Power, a US-based provider of next-generation lithium-ion battery cells, modules and systems for electric cars.

The investment follows from the company’s September announcement that it had raised $125m in new financing through a combination of private equity investment and support from the Chinese government, which is supporting the company through a range of grants, low-interest loans and related financial and tax incentives.

The financing will be used to scale manufacturing, research and development, and business development activities in China for the company’s energy storage technology and products, the group said in a statement. Existing investors Oak Investment Partners and Foundation Asset Management also participated in the round.

Boston-Power is currently investing in a new manufacturing site located in the Shanghai Corridor and 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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