January 14th, 2009
Green-battery maker Boston-Power snags $55 million in funding
For every icky piece of financial news, there is a counter. Today’s example comes from Boston-Power, the next-generation Lithium-ion battery company, which has snagged $55 million in Series D funding. In total, the company has raised $125 million since its start in 2005.
Boston-Power’s initial battery, called Sonata, is scheduled to come to market sometime early this year through its relationship with Hewlett-Packard. The proposition for the product is that it performs “like new” for up to three years (versus other batteries, which start to decline in the amount they hold a charge much earlier) AND it can be used in existing notebooks.
Investors participating in this latest investment round including Foundation Asset Management (which led the round), Oak Investment Partners, Venrock, GGV Capital and Gabriel Venture Partners. Tony Evnin, a partner in Venrock, was named chairman of the company in tandem with the investment.
Heather Clancy is an award-winning business journalist in the New York area with more than 20 years experience covering the high-tech industry. See her full profile and disclosure of her industry affiliations. See her full profile and disclosure of her industry affiliations.
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