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$55M fund to fuel Boston-Power Li-ion capital

Posted: 16 Jan 2009 ?? ?Print Version ?Bookmark and Share

Keywords:battery Li-ion? Sonata fund? capital Boston-Power?

Boston-Power Inc. has announced $55 million in new funding for capital use in its Sonata Li-ion batteries' manufacturing, sales, marketing and R&D.

Initially targeting notebook PCs, Sonata will come to the market in early 2009 through a relationship with Hewlett-Packard. Boston-Power's products could eventually be used to power a wide spectrum of end-applicationsfrom consumer electronics devices to e-bikes, hybrid and electric vehicles (EV/HEV), and other forms of transportation. Early versions of products addressing these markets have already been developed.

The Series D round was led by Foundation Asset Management and included existing blue-chip investors Oak Investment Partners, Venrock, GGV Capital and Gabriel Venture Partners. Concurrent with the investment, Venrock partner Tony Evnin has assumed chairmanship of the board. Boston-Power has attracted $125 million in investment since being founded in 2005.

"This new funding will help us expand our presence significantly in the notebook PC industry," said Christina Lampe-Onnerud, founder and CEO of Boston-Power. "It will also enable us to respond even more quickly to the opportunities in other high-growth markets, especially transportation."

"This investment is a phenomenal endorsement of Boston-Power's disruptive technology," said Bandel Carano, managing partner at Oak Investment Partners. "Boston-Power's Sonata product has been objectively verified by HP. This marks the first time that a U.S. battery developer has secured the world's top provider of laptops as a customer. The breakthroughs inherent in Boston-Power's batteriessuch as 300 percent more cycle life and stringent environmental sustainability accreditationswill be compelling as the company expands into HEVs and other forms of transportation."

The Li-ion battery provider also announced that it has expanded its leadership team, as Sally Bament becomes VP of marketing. Bament brings to her role 25 years of marketing, communications, product management and partner development experience.

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