Boston-Power Announces $60 Million in Growth Capital

Boston-Power, Inc., the rapidly growing provider of next-generation Lithium-ion batteries, recently announced $60 million in Series E funding co-led by existing investors Foundation Asset Management (FAM) and Oak Investment Partners. Already counted among the world’s most well-financed companies in energy storage and clean technology, Boston-Power has attracted an astonishing $185 million in investment since being founded in 2005.

“Energy storage is the cornerstone of some of the most profound shifts in technology and society that we’ve seen in our lifetimes – ranging from the electrification of transportation and the reinvention of grid power to truly ubiquitous mobility,” said Boston-Power Founder and CEO Dr. Christina Lampe-Önnerud. “Boston-Power’s technology platform answers the call for new and better-performing batteries to facilitate these historic advancements. We’ve entered our next stage of growth to accommodate the demand we’re seeing across all markets and from around the world, and we’re doing so with a world-class team of employees, customers, investors and partners.”

Boston-Power will use the growth capital to scale manufacturing, sales, marketing and research and development for its next-generation Lithium-ion Battery Technology Platform currently embodied in the company’s Sonata and Swing battery systems. Targeting the multi-billion dollar market for notebook computer batteries, Sonata debuted in March 2009 through a relationship with HP, the world’s number one provider of notebook PCs. Branded as HP’s Long Life Battery, Sonata-powered battery packs are compatible with a range of consumer and commercial models available globally.