Boston-Power adds $30m for China

Westborough battery maker Boston-Power Inc. will disclose today that it raised another $30 million in private financing to expand in China.

In all, the company has raised $155 million from Chinese government and private sources to build a research and development center in Beijing and a plant in the Shanghai corridor, where it will make lithium-ion batteries for electric vehicles. Construction has begun on the plant, and Boston-Power officials say they have started hiring the first of several hundred employees.


At one time, Boston-Power hoped to expand in Massachusetts, but abandoned those plans in favor of China after losing out on $100 million in federal stimulus money.

The funding for Boston-Power’s expansion in China comes in large part from GSR Ventures, a venture capital firm that primarily invests in growing technology companies in China. Chinese central and local governments are also providing Boston-Power with a combination of grants, low-interest loans, and tax incentives. As part of the deal, Boston-Power has agreed to hire new chief executive and chief financial officers based in China.

Loading comments...
Real journalists. Real journalism. Subscribe to The Boston Globe today.
We hope you've enjoyed your free articles.
Continue reading by subscribing to for just 99¢.
 Already a member? Log in Home
Subscriber Log In

We hope you've enjoyed your 5 free articles'

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of
Marketing image of