Boston-Power, Inc., the rapidly growing provider of next-generation Lithium-ion batteries, announced $55 million in new funding.
Boston-Power will use the new growth capital to scale manufacturing, sales, marketing, and research and development to meet strong global demand for 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’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 (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. Among the world’s most well-funded companies in clean tech and energy storage, 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 percent more cycle life and stringent environmental sustainability accreditations – will be compelling as the company expands into HEVs and other forms of transportation.”
On related matters, Boston-Power has expanded its leadership team with the addition of Sally Bament as vice president of marketing. The widely respected high tech industry veteran 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 startups to multibillion dollar market leaders.
Boston-Power’s Sonata: The Next Generation of Li-ion Batteries
Sonata is the most environmentally sustainable, longest lasting, fastest charging and safest Li-ion battery available. That translates to longer and more usable power – like-new performance for three years versus current batteries that start to fade in just three to six months. Sonata’s “drop-in” design enables it to be used with existing notebook computers – requiring no design changes on the part of notebook computer original equipment manufacturers (OEMs). Sonata’s patent-pending, whole-system design makes it capable of benefiting a wide range of end-applications. As a result, total cost of ownership benefits inherent in notebook computer batteries prove increasingly impressive in cases where even greater power is required.