Boston-Power, a Westborough, Massachusetts-based provider of lithium-ion batteries, announced in late June that it received $60 million in Series E funding. This round was co-led by existing investors Foundation Asset Management (FAM) and Oak Investment Partners, with participating from current investors Venrock and Gabriel Venture Partners. With this funding, Boston-Power has raised a total of $185 million.
The company said that it will use this funding to expand manufacturing, sales, marketing, and research and development for its next-generation Lithium-ion Battery Technology Platform. The company has thusfar developed and introduced the following products from this platform:
- Sonata - For notebook and portable power applications
- Swing - For electric vehicle, industrial and utility applications
“Energy storage is the cornerstone of some of the most profound shifts in technology and society that we’ve seen in our lifetimes - ranging from the electrification of transportation and the reinvention of grid power to truly ubiquitous mobility,” said Boston-Power Founder and CEO Dr. Christina Lampe-Önnerud. “Boston-Power’s technology platform answers the call for new and better-performing batteries to facilitate these historic advancements. We’ve entered our next stage of growth to accommodate the demand we’re seeing across all markets and from around the world, and we’re doing so with a world-class team of employees, customers, investors and partners.”
“Boston-Power is among the best positioned companies in energy storage based on its ability to commercialize its breakthrough battery technology and attract a growing list of top-branded customers,” said Oak Investment Partners Managing Partner Bandel Carano. “All of Boston-Power’s investors and board members are truly excited to help these world class entrepreneurs scale their patented innovations in cycle life, safety, power and energy density of Lithium-ion battery solutions into very high volume applications in portable electronics, electric vehicles and grid storage.”