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Boston-Power raises $30m to scale manufacturing

22 Dec 2011

US lithium-ion fuel cell developer Boston-Power has secured $30m private equity financing led by existing investor GSR Ventures. Long-standing contributors Oak Investment Partners and Foundation Asset Management also participated.

This latest capital injection comes after the company raised $125m last September through a combination of private equity and support from the Chinese government. Boston-Power said it will utilise the money to scale manufacturing, research and development and business development activities in China.

The company recently broke ground on a new manufacturing facility located in the Shanghai Corridor that is scheduled for completion by the end of next year. In addition, it is establishing a research and development centre in Beijing.

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