Lithium-Ion Battery Maker Boston Power Secures $290 Million In Funding From China
Lithium-ion battery manufacturer Boston Power has secured a massive amount of funding in the form of $290 million from two local governments in China. The funding will be used to support the expansion of two of Boston Power’s facilities in China:
“The company’s Liyang facility will receive a total investment of $160 million, increasing its manufacturing capacity fivefold by 2016. The company’s Tianjin facility will grow its capacity to 4GW by 2017, and is expected to reach 8 GWh in manufacturing capacity by 2018.”
States Green Car Congress.
These expansion are necessary to accommodate China’s growing demand for electric cars
“China’s EV market is expected to reach US$35 billion by 2020, with demand for high-end lithium-ion batteries hitting 100 GWh.”
Adds Green Car Congress.
Sonny Wu, chairman of Boston Power, commented:
“China is the largest and fastest growing EV market in the world and leads in the manufacturing of Eco-EV and E-buses. Our analysis shows that this market will experience significant battery supply constraints over the next 3-5 years which we aim to address.”
Source: Green Car Congress