Boston-Power Lands $30M In Backing For Chinese Plant

Law360, New York (December 22, 2011, 6:26 PM EST) -- Lithium ion battery technology company Boston-Power Inc. has reeled in $30 million more from backers led by China-based venture capital firm GSR Ventures in order to build a manufacturing plant in China, Boston-Power announced Thursday.

With a facility under construction outside Shanghai, Boston-Power secured $30 million in follow-on investment from GSR as well as previous venture capital investors Oak Investment Partners and Foundation Asset Management Ltd. The financing complements a $125 million funding package the firms contributed to in September.

The battery manufacturing facility is slated...
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