Boston-Power, Inc., a Westborough, Massachusetts-based provider of innovative Lithium-ion batteries, raised $60m in Series E funding.
The round was co-led by existing investors Foundation Asset Management (FAM) and Oak Investment Partners, with participation from existing investors Venrock and Gabriel Venture Partners.
This funding brings the total amount raised by Boston-Power to date to $185m since its inception in 2005.
The company will use the capital to scale manufacturing, sales, marketing and research and development for its Lithium-ion Battery Technology Platform currently embodied in the company’s battery systems Sonata®, which targets the market for notebook computer batteries and Swing™, for use in Plug-In Hybrid Electric Vehicle (PHEV), Battery Electric Vehicle (BEV) and Utility Energy Storage application.
In congiunction with the round, the company announced that Oak Investment Partners Managing Partner Bandel Carano will assume the role of board chairman from Dr. Tony Evnin, general partner with Venrock, who remains on the board. In addition, Allan C.Y. Kwan,.Oak Investment Partners Venture Partner, will join the board.
Founded in 2005, Boston-Power is led by Founder and CEO Dr. Christina Lampe-Önnerud, and has mass manufacturing operations in Asia.
FinSMEs
25/06/2010