Better batteries may be on the way as lithium-ion battery producer Boston-Power ramps up its manufacturing and R&D with a $60M Series E round from Foundation Asset Management and Oak Investment Partners. Boston-Power produces Sonata, better known as Hewlett-Packard’s Long Life Battery, as well as Swing, which is used to power electric vehicles including the upcoming ZE Saab 9-3.
The company plans to double its workforce, adding sales and marketing staff in Massachusetts and growing its manufacturing centers in Taiwan.
Founder and CEO Dr. Christina Lampe-Önnerud said the funding will help Boston-Power meet global market demands. Currently, the company can’t produce batteries fast enough to compete with more established players like Sony and Panasonic.
Venrock and Gabriel Venture Partners, who previously invested in the company, also contributed to this round, bringing Boston-Power’s fundraising to $185 million since 2005. Most recently, the company raised $55 million in January.
Boston-Power has developed the Sonata technology platform, which is a battery they say charges faster, lasts longer, performs better and is safer than what’s currently on the market. The technology will be used in many consumer electronic devices including laptops, PDAs and mobile phones. In January of 2008, Boston-Power announced a new partnership with Chinese battery manufacturer GP Batteries to step up production of Sonata batteries.
Dr. Lampe-Onnerud is a well-known authority in the battery industry. She has pioneered the use of lithium-ion and other materials to deliver more powerful, longer lasting, safer and cost-effective batteries for laptops, PDAs, cell phones and other electronic devices. Prior to founding Boston-Power, Dr. Lampe-Onnerud was one of the youngest partners ever appointed at Arthur D. Little/TIAX, where she ran the company’s globally- renowned battery labs, defined strategies for the world’s top chemical and battery organizations, and directed high-profile...
The Fund invests in Chinese businesses listed anywhere (predominately HK/China) and seeks to achieve a superior risk-adjusted rate of return through application of distinct but related value-based strategies.
Oak Investment Partners is a multi-stage venture capital firm with a total of $8.4 billion in committed capital. The primary investment focus is on high growth opportunities in clean energy, communications, information technology, internet new media, financial services information technology, healthcare services and consumer retail. Over a 29-year history, Oak has achieved a strong track record as a stage-independent investor funding more than 435 companies at key points in their lifecycle. Oak has been involved in the formation of...