Westborough Battery Company Gets Millions From China to Expand

The Westborough-based Boston-Power Inc. received $290 million from China to expand its factory there, reported the Worcester Telegram and Gazette.

The facility located in Liyang will get $160 million, and the Tianijin plant will expand its facility with $130 million.

Boston-Power was founded in 2005, according to its website, and produces lithium-ion batteries.

“With significant successes in the portable power market, Boston-Power’s vision is to now become ‘the most valued business partner to all of our customers, partners and suppliers by leading the world in electric vehicle (EV) innovation and consumer adoption.” The recent announcement that Boston-Power’s battery pack will be used in Beijing Electric Vehicle Company’s (BJEV) EVs is the first step in reaching this end. Boston-Power is headquartered in Massachusetts, USA with a new Beijing Technology Center and mass manufacturing operations in Asia. The company is funded by top-tier venture capital firms GSR Ventures, Foundation Asset Management and Oak Investment Partners.’

The factories in China are near automakers, and there is a fast-growing electric vehicle market, said the statement.