Battery producer Boston-Power raises USD55m from venture investors
Boston-Power, a provider of next-generation Lithium-ion batteries, has announced USD55m in new funding.
Boston-Power will use the new growth capital to scale manufacturing, sales, marketing, and research and development to meet demand for Sonata Lithium-ion batteries.
Initially targeting notebook computers, Sonata will come to the market in early 2009 through a relationship with HP, a provider of notebook PCs.
The company's products could eventually be used to power a wide spectrum of end-applications - from consumer electronics devices to e-bikes, hybrid and electric vehicles and other forms of transportation. Early versions of products addressing these markets have already been developed.
The Series D round was led by Foundation Asset Management and included existing blue-chip investors Oak Investment Partners, Venrock, GGV Capital and Gabriel Venture Partners.
Concurrent with the investment, Venrock partner Tony Evnin has assumed chairmanship of the board.
'Manufacturers and their customers are searching for more dependable, longer lasting, environmentally sustainable batteries,' says Boston-Power founder and chief executive Christina Lampe-Onnerud. 'Boston-Power identified this opportunity early on. We've moved rapidly to develop game-changing products and have established mass manufacturing capabilities with unique quality systems that may inspire the top companies in this industry. This new funding will help us expand our presence significantly in the notebook PC industry. It will also enable us to respond even more quickly to the opportunities in other high-growth markets, especially transportation.'
Boston-Power has also expanded its leadership team with the addition of Sally Bament as vice president of marketing. She brings to her role 25 years of marketing, communications, product management and partner development experience earned while serving in executive-level positions with companies ranging from start-ups to multibillion dollar market leaders.