Boston-Power to build r&d center, produce lithium ion batteries in China
Boston-Power Inc., a U.S. supplier of lithium ion batteries, says it will build an r&d center and battery plant in China after securing $125 million (799 million yuan) in new funding.
The money was raised by GSR Ventures, a venture capital firm that invests in high-tech companies with operations in China. GSR has offices in Silicon Valley and Beijing.
The Chinese government also is providing grants, low-interest loans and tax incentives, according to Boston-Power.
In its statement, Boston-Power said its new Chinese plant would produce up to 400 megawatts of lithium ion battery cells annually, starting late next year.
Boston-Power said it would transfer a number of jobs and operations from its Massachusetts headquarters to Beijing, where its r&d center will be located.
The company also is shaking up its management ranks. In an interview with Bloomberg News, company founder Christina Lampe-Olerud said company CEO Keith Schmid is leaving the company.
"The new investors really wanted to see Chinese leadership for the next phase of the growth of the company," Lampe told Bloomberg News.
