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GREAT-Terry
Is the new Li-ion battery something really new so that it can be even longer ...
BicycleBill
This company is NOT related to A123, although they are located near each other.
Boston-Power raises $125M for China move
Peter Clarke
9/20/2011 9:44 AM EDT
LONDON – GSR Ventures has led a $125-million investment round in Boston-Power Inc., Massachusetts startup that has made progress in developing longer lasting, faster charging lithium-ion batteries aimed mainly at automotive applications. The company has raised at $320 million since its founding in 2005.
Boston-Power (Westborough, Mass.) said it now plans focus its activities on China and will use the money to build a manufacturing facility there that will be capable of producing 400 megawatt hours (MWh) of lithium-ion battery cells annually by the end of 2012.
The $125 million funding includes private equity investment and support from China where, in addition to a manufacturing plant Boston-Power plans to put down R&D and electric vehicle battery engineering facilities.
Boston-Power said its strategy is now to focus predominantly on China in both the immediate and long term as China represents the biggest market for clean technology and energy storage products. As a result of this strategy it would be "reallocating its global resources."
This includes moving a number of positions and responsibilities from Westborough to China, Boston-Power said. The team in Westborough retains "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."
As part of the deal GSR Ventures managing director Sonny Wu will take up the post of chairman.
"Innovation in energy storage is redefining whole industries and allowing us to rethink what's possible for transportation, utilities, consumer electronics and countless other sectors," said Boston-Power founder Christina Lampe-Onnerud.
Boston-Power is a member of the Silicon 60, EE Times' list of emerging startups. Boston-Power was included in the list at version 8.0 in February 2009.
Related links and articles:
www.boston-power.com
News articles:
CEO takes charge at Boston-Power
Boston-Power signs up BMZ to make battery packs
Asus design win as Boston-Power raises $60 million
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chanj
9/20/2011 12:59 PM EDT
"The $125 million funding includes private equity investment and support from China where, in addition to a manufacturing plant Boston-Power plans to put down R&D and electric vehicle battery engineering facilities." Seemingly, China is putting a lot of resources into energy of the future. What has US done?
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chipmonk
9/20/2011 2:24 PM EDT
China has an industrial policy, it is use Wall St. to siphon off technology from the US.
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MaxLi
9/20/2011 4:53 PM EDT
GSR ventures: 金沙江创投。 It's NOT Wall Street money.
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pixies
9/20/2011 5:20 PM EDT
Is this company related to A123? How many lithium-ion batteries technologies are there and how do they compare? I have just read an article that Chinese government is reducing its subsidy to electrical car technology because none of the technologies it supported lived up to its promise.
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BicycleBill
9/20/2011 5:56 PM EDT
This company is NOT related to A123, although they are located near each other.
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GREAT-Terry
9/21/2011 7:39 PM EDT
Is the new Li-ion battery something really new so that it can be even longer lasting and be charged faster? Any idea on what it is?
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