News

Boston-Power® Announces One of the Largest Portable Power Venture Investments

January 05, 2008 by Jeff Shepard

Boston-Power, Inc.® announced $45 million in new funding. The Series C round was led by Oak Investment Partners and included existing blue-chip investors Venrock Associates, Granite Global Ventures and Gabriel Venture Partners.

With $8.4 billion in committed capital, Oak Investment Partners is one of the world’s leading venture capital firms. As part of its investment, Oak Investment Partners Managing Partner Bandel Carano has joined Boston-Power’s board of directors. To date, Boston-Power has raised more than $68 million in funding.

Boston-Power will use the new capital to scale business development, marketing, research and development, and manufacturing operations to meet what is described as strong global demand for Sonata – the company’s next-generation Lithium-ion battery technology. Sonata initially targets notebook computers. Eventually, the company’s products could be used to power an extensive range of end-applications -- from consumer electronics devices to hybrid electric vehicles.

Boston-Power also announced a manufacturing partnership with GP Batteries, described as the tenth largest battery manufacturer in the world.

"The Lithium-ion battery industry is undergoing a major technology advance – one that will provide substantially better safety, dramatically improved cycle life and extremely fast recharge," said Oak Investment Partners Managing Partner Bandel Carano. "Boston-Power is leading this next generation. Initially delivering breakthrough performance for laptop computers, the company’s technology promises to be equally compelling for a range of other applications, including hybrid and all-electric vehicles."

"Now that we’re shipping product, our success is largely driven by our ability to implement well on a fast-growing, multibillion dollar market opportunity," said Boston-Power Founder and CEO Dr. Christina Lampe-Onnerud. "Oak’s keen insights and proven ability to guide companies to success make them an excellent addition to our team."