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August 31, 2015 10:30 PM ET

Electrical Equipment

Company Overview of Boston-Power, Inc.

Company Overview

Boston-Power, Inc. manufactures and markets lithium-ion batteries for transportation, utility energy storage, portable power, and government market applications in the United States and internationally. It offers battery cells, blocks, modules, and systems; lithium-ion batteries for electric vehicles; and custom solutions for various format battery packs. The company was founded in 2005 and is based in Westborough, Massachusetts. It has a technology center in Beijing, China; and manufacturing operations in Asia.

2200 West Park Drive

Westborough, MA 01581-3961

United States

Founded in 2005

Phone:

508-366-0885

Fax:

508-366-0998

Key Executives for Boston-Power, Inc.

Chairman of The Board and Acting Chief Executive Officer
President
Chief Financial Officer
Senior Vice President of Finance
Compensation as of Fiscal Year 2015.

Boston-Power, Inc. Key Developments

Xindayang Selects Boston-Power to Supply Lithium-Ion Batteries Packs for High-Volume Production Vehicle

Boston-Power Inc. announced that it has reached an exclusive agreement with Shandong Xindayang Electric Vehicle Co. Ltd. to supply battery packs for its ZD low speed electric vehicle. The initial agreement is for Boston-Power to supply 30,000 ZD battery packs with a capacity of 18.4 kWh each. The cooperation between Boston-Power and Xindayang will help both companies further reach economies of scale to provide high-quality cost-competitive products to the market. Boston-Power has begun planned capacity expansions to reach 3 GWh at its Liyang factory and will be breaking ground on its new Tianjin factory which will reach 4 GWh and then 8 GWh in phases 1 and 2 respectively. Current investment for this expansion is estimated at $500 million. In addition to lithium-ion cell production expansion, Boston-Power will build an electric vehicle battery pack assembly plant in northwest China in Lanzhou which will be able to supply 40,000 packs per year for Xindayang's Eco-EV business. LSEVs typically have top speed of approximately 80kph or 48mph and are designed for local driving or as a second vehicle. Not usually counted in official automotive statistics, estimates are that at least one million LSEVs exist in China with potential 2015 sales to reach 600,000 vehicles; growing to a million in annual sales in the next 3-5 years. The Boston-Power high-energy density ZD battery pack will allow Xindayang to offer 2X the capacity of its current vehicle without changing the size of the pack enclosure; enabling a up to a 200km drive distance. Xindayang also expects to export the vehicles to over 10 countries including Italy, Spain and France.

Boston-Power Entered into 3-Year Exclusive Supply Agreement with Darfon Electronics Corp

Boston-Power Inc. announced that it has entered into a 3-year exclusive supply agreement with BenQ Group company Darfon Electronics Corp. The two companies have initially committed to supplying 150 MWh of energy products. Addressing the threat of global warming and promoting energy independence are key drivers in the development of economical renewable energy storage solutions. By using Boston-Power's lithium-ion cell technology, Darfon is able to offer compelling differentiated solutions which benefit both homeowners and installers. Darfon's new storage solutions are initially targeting the Australian and UK residential solar markets with a 5 kWh capacity product. Customers will store energy from their solar panels and then use it to reduce household electricity consumption during high-priced peak hours as well as power back up during emergency conditions when the grid is not available.

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Recent Private Companies Transactions

Type
Date
Target
Private Placement
January 20, 2015
--
Private Placement
November 5, 2014
--
 

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