Boston-Power Adds $55 Million in Growth Capital

Boston-Power, Inc., the rapidly growing provider of next-generation Lithium-ion batteries, today 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.

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.

Boston-Power, Boston-Power, Inc.