Battery manufacturer receives Chinese support
Boston Power, which has a research and development center in Westborough, has received $290 million to expand existing Chinese manufacturing facilities.
The producer of electric vehicle batteries received the funds from local Chinese governments, the company announced this week. The expansions will allow two sites to greatly expand manufacturing capacity as the company works to meet growing demand from Chinese automakers.
"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," Sonny Wu, chairman of Boston Power, said in a statement.
The company creates batteries for cars as well as buses and other electric vehicles.
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