Li-ion maker Boston Power has secured US$290 million in local government financial support for the expansion of its two 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.
The expansion of these facilities will allow Boston Power to meet the growing demand by leading Chinese automakers in the Yangtze River Delta and throughout the Bohai Gulf in Northern China. China’s EV market is expected to reach US$35 billion by 2020, with demand for high-end lithium-ion batteries hitting 100 GWh.
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
Boston Power’s products target multiple segments in the electric vehicle industry, all geared towards the growth of green, sustainable cities. In addition to premium cars, the company’s products cater to buses, sedans, taxis, and a variety of EVs designed for personal consumers and clean public transport operators.