Boston-Power Adds $55 Million In Growth Capital
Boston-Power, Inc. announced $55 million in new funding. Boston-Power will use the new growth capital to scale manufacturing, sales, marketing, and research and development of Sonata Lithium-ion batteries.
Initially targeting notebook computers, Sonata will come to the market in early 2009 through a relationship with HP, the world’s number one provider of notebook PCs. The company states that its products could eventually be used to power a wide spectrum of end-applications – from consumer electronics devices to e-bikes, hybrid and electric vehicles (EV/HEV) 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 (FAM) 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. Boston-Power has attracted $125 million in investment since being founded in 2005.
"Manufacturers and their customers are searching for more dependable, longer lasting, environmentally sustainable batteries," said Boston-Power Founder and CEO 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."
"We are happy to invest in Boston-Power, a clean tech company with a next-generation technology," said Lars Wedenborn, CEO of Foundation Asset Management. "Together with its founder and CEO, management team and other owners, we aim to develop Boston-Power into a leading battery company."
"This investment is a phenomenal endorsement of Boston-Power’s disruptive technology," said Bandel Carano, Managing Partner, Oak Investment Partners. "Boston-Power’s Sonata product has been objectively verified by HP. This marks the first time that a U.S. battery developer has secured the world’s top provider of laptops as a customer. The breakthroughs inherent in Boston-Power’s batteries – such as 300% more cycle life and stringent environmental sustainability accreditations â€“ will be compelling as the company expands into HEVs and other forms of transportation."