Boston-Power Inc. said it raised $30 million in new private equity. Existing investor GSR Ventures led the deal and Oak Investment Partners and Foundation Asset Management participated. The funding is an add-on to the $125 million round of funding the lithium-ion battery company announced in September. The September round included growth capital and Chinese government grants, low-interest loans and related financial and tax incentives
Boston-Power Adds $30 Million in Funding
Follows $125 Million in Private Equity Growth Capital and China Government Support Announced in September
Fuels Momentum in Electric Vehicles and Expansion in World’s Fastest-growing Region for Clean Tech and Energy Storage
WESTBOROUGH, Mass. – December 22, 2011 – Boston-Power, Inc., the rapidly growing provider of next-generation lithium-ion battery cells, modules and systems, today announced $30 million in new private equity. The funding was led by existing investor GSR Ventures. Long-standing Boston-Power investors Oak Investment Partners and Foundation Asset Management (FAM) also participated.
The investment follows Boston-Power’s September 2011 announcement of $125 million in growth capital and Chinese government stimulus programs – comprising a combination of grants, low-interest loans and related financial and tax incentives – and is being used to scale manufacturing, research and development, and business development activities in China for the company’s award-winning energy storage technology and products.
Moving rapidly to capitalize on its expanded opportunities in China, Boston-Power recently broke ground on its new manufacturing site in Liyang. Located in the Shanghai Corridor and scheduled for completion by the end of 2012, the state-of-the-art facility will be capable of producing 400 megawatt hours (MWh) of lithium-ion battery cells annually. Concurrently, Boston-Power is establishing a world-class R&D and EV battery engineering facility in Beijing. Augmenting those capabilities, Boston-Power’s Westborough, Massachusetts-based team maintains responsibility for intellectual property development, research and development, global customer support, sales and business development and partnerships with advanced research organizations in the Boston area.
About GSR Ventures
GSR Ventures is an early-stage venture capital firm focused on building world-class technology companies in China. The firm invests primarily in the Internet, wireless, green technology, and semiconductor sectors. Founded in 2004, GSR has more than 50 companies in its portfolio and more than US$1 billion under management. For more information, visit www.gsrventures.com.
About Oak Investment Partners
Established in 1978, Oak Investment Partners is a venture capital firm with a strong track record as a multi-stage investor. Their primary investment focus is on high growth opportunities in information technology, clean energy, communications, Internet, financial services information technology, semiconductors, healthcare services, and retail. Oak concentrates on building long-term relationships with experienced management teams to develop successful companies that deliver consistent performance over time. These include 2Wire, Aquantive, Athenahealth, CBORD Group, Compaq, Fastclick, Genzyme, Gmarket, Inktomi, Parametric Technology Corporation, PictureTel, Polycom, Seagate Technologies, Synopsys, TeleAtlas, Virata, Wireless Facilities, etc. For more information, please visit www.oakvc.com.
About Foundation Asset Management
Foundation Asset Management (FAM) manages the assets of the Wallenberg Foundations. FAM is a major shareholder (directly and through advisory agreements with the Wallenberg Foundations) in a number of Nordic listed companies. By being a committed, long-term and value-adding owner FAM aims to generate good total returns which in turn will enable the Wallenberg Foundations to fund scientific research and education. A smaller share of the portfolio is allocated to alternative investments, including private equity and venture capital. For more information, please visit www.fam.se.
Boston-Power, Inc. is an award-winning systems provider of next-generation lithium-ion battery cells, blocks, modules and systems. 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’s Swing product delivers unmatched capabilities for Battery Electric and Plug-In Hybrid Electric Vehicles (BEV/PHEV), and utility energy storage applications. Sonata delivers industry leading performance to the portable power and notebook computer markets.
Founded in 2005 by International Chairman Dr. Christina Lampe-Önnerud, a globally recognized innovator, entrepreneur and technology advisor with regard to portable power, energy storage and climate change, Boston-Power has more than 150 patents filed on its breakthrough technology. The company has earned accolades for its executive leadership and technology from organizations that include The Wall Street Journal, the World Economic Forum, Ernst & Young Entrepreneur of the Year and the Royal Swedish Academy of Engineering Sciences (IVA). Boston-Power is headquartered in Westborough, Massachusetts, and has Six Sigma-level mass manufacturing operations in Asia.