Tuesday, September 13, 2011

Boston-Power makes top exec changes, plans for imminent funding

By James Connolly and Rodney Brown

Boston-Power Inc., the Westborough-based maker of lithium ion batteries has removed three ranking members of its management team, including CEO Keith Schmid, who was brought into the company in February when founder Christina Lampe-Onnerud moved on to become executive chairman.

According to sources familiar with the moves, Schmid, CFO Steve Byram and vice president of marketing Sally Bament left the company on Friday. The sources, who asked not to be identified, also said the management changes were tied to an upcoming investment round, possibly within days, with some of the funding reportedly involving sources in China, where the company already has manufacturing facilities.

Boston-Power, which has targeted its technology for applications such as electric vehicles, portable power and utility storage, has brought in approximately $200 million in venture funds since it was founded in 2005. In a filing with the U.S. Securities and Exchange Commission, the company reported a $63 million equity round last year.

Lampe-Onnerud couldn’t be reached immediately for comment.