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01/15/2009 09:59 AM
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Boston-Power Raises $55M for Li-Ion Batteries
SustainableBusiness.com News
Boston-Power, Inc., a provider of 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 demand for its Sonata Lithium-ion batteries, which the company said will initially target notebook computers and come to the market in early 2009 through a relationship with Hewlett-Packard (NYSE: HPQ).
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.
The Series D round was led by Foundation Asset Management (FAM) and included existing investors Oak Investment Partners, Venrock, GGV Capital and Gabriel Venture Partners.
Boston-Power has attracted $125 million in investment since it was founded in 2005.
Boston-Power is headquartered in Westborough, Massachusetts and has manufacturing operations in China.
Website: http://www.boston-power.com/
