The funding will be utilized to scale manufacturing, research and development, and business development activities in China for the energy storage technology and products.
Boston-Power is establishing a R&D and EV battery engineering facility in China, which will be built on the lithium-ion battery technology to develop new energy storage products and solutions.
The firm will also build a manufacturing facility in China that will be capable of producing 400MW of lithium-ion battery cells annually by the end of 2012.
The substantial infusion of capital and incentives will help drive Boston-Power’s solutions more deeply into China’s market for clean tech and energy storage products.
