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.