While Elon Musk is planning a $6 billion battery gigafactory, he isn’t alone in wanting to dominate the battery market for electric vehicles. Boston Power is rumored to be close to closing a $250 million from an unspecified Chinese investor, according to the Wall St. Journal.
Boston Power has thus far been unable to secure the Department of Energy green loan, which led them to look outside the U.S. for funding. Though not finalized, the funding would help Boston Power begin production of $100 million worth batteries at its factory in China, which is capable of making of building about 300 megawatt-hours worth of batteries per year. Boston Power will be building batteries for Beijing Electric Vehicles, another of China’s many EV startups.
Eventually, Boston Power hopes to increase that to 1,000 megawatt hours, or a gigawatt-hour, which isn’t even close to rivaling Musk’s Gigafactory, which he says will be capable of building 35 gigawatt-hours worth of batteries. That’s enough batteries for about 300,000 Tesla Model S sedans a year.
As for Boston Power, it has raised some $100 millions in venture capital from GSR Ventures, which manages about $1 billion in assets. Boston Power is also considering an IPO, preferably in the U.S., though one has to wonder if they can really compete with the juggernaut that has become Tesla Motors.