Boston-Power, Inc. announced $125 million in new funding from a combination of private equity investment and support from China. The growth capital and Chinese government incentives will be used predominantly to scale manufacturing, research and development, and business development activities in China for the company’s award-winning energy storage technology and products.
The private equity round was led by GSR Ventures, a venture capital firm with over $1 billion under management that invests primarily in early stage and growth stage technology companies with substantial operations in China. GSR Ventures has offices in Beijing and Silicon Valley. Additionally, through its stimulus programs and local industrial policies, the Chinese government is providing a range of grants, low-interest loans and related financial and tax incentives. Existing Boston-Power investors Oak Investment Partners and Foundation Asset Management (FAM) also participated in the round.