Wednesday, January 14, 2009

Boston-Power charged up with $55M in new VC funds

By Mass High Tech staff

Battery technology maker Boston-Power Inc. reports it has raised $55 million in new funding, which the Westborough-based company says it will use to ramp up manufacturing, sales, marketing, and research and development efforts for its Sonata Lithium-ion batteries.

The new round — Boston-Power’s fourth — was led by Foundation Asset Management, with participation by existing backers Oak Investment Partners, Venrock, GGV Capital and Gabriel Venture Partners. Venrock Partner Tony Evnin has been named chairman of the board as part of the funding deal.

This Series D round brings Boston-Power’s total funding to $125 million since it was founded in 2005.

In addition to the new funds, Boston-Power has brought on board Sally Bament as vice president of marketing. The company is initially targeting notebook computer batteries but says its products could eventually be used in a variety of products such as e-bikes, hybrid and electric vehicles. Boston-Power founder and CEO Christina Lampe-Önnerud, a Mass High Tech Women to Watch Honoree in 2007, said in a statement that the new funding will help the company target “opportunities in other high-growth markets, especially transportation.”

In December, Boston-Power reported a deal in which Hewlett Packard Co. will be the first computer manufacturer to offer the Sonata, an environmentally friendly next-generation battery, as an upgrade option with certain model notebook computers beginning in early 2009.