Lithium-ion battery company Boston-Power, Inc. announced $60 million in Series E funding co-led by existing investors Foundation Asset Management (FAM) and Oak Investment Partners.
Current investors Venrock and Gabriel Venture Partners are also participating. Boston-Power has attracted $185 million in investment since it was founded in 2005.
Boston-Power will use the growth capital to scale manufacturing, sales, marketing and research and development for its technology, which is 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 (NYSE: HPQ). Branded as HP’s Long Life Battery, Sonata-powered battery packs are compatible with a range of consumer and commercial models. On June 3, 2010, ASUS announced it will soon ship a new line of business notebooks powered by Sonata as the standard battery pack.
Boston-Power in June 2009 announced the Swing battery, designed for Plug-In Hybrid Electric Vehicle (PHEV), Battery Electric Vehicle (BEV) and Utility Energy Storage applications. The company said it intends to manufacture the batteries in Massachusetts.
In December 2009, Boston-Power announced that Saab’s demonstration electric vehicle, the ZE Saab 9-3, would be powered by a Swing battery system. The first vehicles under this test program will be available this fall, with more to follow in 2011.
Boston-Power said it will unveil additional customers in the transportation and utility markets from around the world later this year.
