Boston-Power Announces $60 Million in Growth Capital
Boston-Power, Inc., announced $60 million in Series E funding co-led by existing investors Foundation Asset Management (FAM) and Oak Investment Partners. Current investors Venrock and Gabriel Venture Partners are also participating. Boston-Power has attracted $185 million in investment since being founded in 2005.
"Energy storage is the cornerstone of some of the most profound shifts in technology and society that we’ve seen in our lifetimes – ranging from the electrification of transportation and the reinvention of grid power to truly ubiquitous mobility," said Boston-Power Founder and CEO Dr. Christina Lampe Önnerud. "Boston-Power’s technology platform answers the call for new and better-performing batteries to facilitate these historic advancements. We’ve entered our next stage of growth to accommodate the demand we’re seeing across all markets and from around the world, and we’re doing so with a world-class team of employees, customers, investors and partners."
Boston-Power will use the growth capital to scale manufacturing, sales, marketing and research and development for its next-generation Lithium-ion Battery Technology Platform currently embodied in the company’s Sonata® and Swing™ battery systems. Targeting the multi-billion dollar market for notebook computer batteries, Sonata debuted in March 2009 through a relationship with HP, the world’s number one provider of notebook PCs. Branded as HP’s Long Life Battery, Sonata-powered battery packs are compatible with a range of consumer and commercial models available globally. On June 3, 2010, ASUS announced it will soon ship a new line of business notebooks powered by Sonata as the standard battery pack.
"Boston-Power is among the best positioned companies in energy storage based on its ability to commercialize its breakthrough battery technology and attract a growing list of top-branded customers," said Oak Investment Partners Managing Partner Bandel Carano. "All of Boston-Power’s investors and board members are truly excited to help these world class entrepreneurs scale their patented innovations in cycle life, safety, power and energy density of Lithium-ion battery solutions into very high volume applications in portable electronics, electric vehicles and grid storage."
On related matters, Oak Investment Partners Managing Partner Bandel Carano assumes the role of board chairman from Dr. Tony Evnin, general partner with Venrock, who remains on the board. Joining the board is Oak Investment Partners Venture Partner Allan C.Y. Kwan. With 25 years of information technology, telecommunications and general management experience, Kwan brings extensive expertise in Greater China business operations. This includes serving as Vice President of Yahoo! International following its $1.7 billion U.S. investment in Alibaba.com; chairman and CEO of Asia.com; and Motorola’s lead executive for the paging products division in Greater China.