Friday, 12 February 2016
Last updated 6 hours ago
Jan 14 2009 | 1:04am ET
A Massachusetts company working on a more environmentally-friendly Litium-ion batty has won $55 million in new funding.
Westborough-based Boston-Power Inc. announced the new round of fundraising would be used to scale manufacturing, sales, marketing and research and development for its Sonata batteries, which are expected to become available this year through a relationship with Hewlett-Packard. Boston-Power has raised $125 million since its founding three years ago.
The Series D round of financing was led by Foundation Asset Management, which manages the assets of the Wallenberg Foundations.
“We are happy to invest in Boston-Power, a clean tech company with a next-generation technology,” said Lars Wedenborn, CEO of FAM. “Together with its founder and CEO, management team and other owners, we aim to develop Boston-Power into a leading battery company.”
Also contributing to the new capital were several venture capital shops that are existing investors in Boston-Power, including Oak Investment Partners, GGV Capital, Gabriel Venture Partners and Venrock, whose Tony Evnin has also been named chairman of Boston-Power’s board. Boston-Power has also added Sally Barment as vice president of marketing.
“Manufacturers and their customers are searching for more dependable, longer lasting, environmentally sustainable batteries,” said Boston-Power founder and CEO Christina Lampe-Onnerud. “Boston-Power identified this opportunity early on. We’ve moved rapidly to develop game-changing products and have established mass manufacturing capabilities with unique quality systems that may inspire the top companies in this industry. This new funding will help us expand our presence significantly in the notebook PC industry.”