Boston Power juices up with $55M for lithium-ion batteries
Boston Power, maker of eco-friendly, long-lasting lithium-ion batteries, just landed $55 million in fourth-round funding to grow its manufacturing, sales and marketing operations. Its flagship product, the Sonata Lithium-ion battery, is slated to launch in the next several months as the primary power source for Hewlett-Packard notebook computers. The model is also currently being adapted for use in other electronic devices and electric vehicles, the company says.
According to CNET, Sonata batteries can be charged 1,000 times before their run-time starts to shrink, and can also be charged to 80 percent capacity in a half hour. In order to make a more environmentally sustainable product, the Westborough, Mass.-based company has eliminated typical battery ingredients cadmium, arsenic and mercury.
The recent investment round came from Foundation Asset Management, Oak Investment Partners, Venrock, GGV Capital and Gabriel Venture Partners. This brings Boston Power’s total capital raised since its inception in 2005 to $125 million.
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About the Author, Camille Ricketts
Camille is the lead writer for GreenBeat. She came to VentureBeat from Google where she worked on its traditional platforms team, particularly in TV. Before that, she was a reporter for the Wall Street Journal in New York and London. Follow her on Twitter at @camillericketts, and follow VentureBeat on Twitter at @venturebeat.
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