Lithium-Ion Battery Manufacturer Nets Private Equity

Boston-Power Inc., a lithium-ion battery manufacturer, says it has secured $30 million in private equity from existing investors GSR Ventures, Oak Investment Partners and Foundation Asset Management.

The company says it will use this influx of capital to scale manufacturing, research and development, and business development activities in China, where Boston-Power has broken ground on a new manufacturing site, in Liyang. That facility, which is scheduled for completion by the end of 2012, will produce 400 MWh of lithium-ion battery cells annually.

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

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