Boston-Power Raises Additional $55 Million

Boston-Power anticipates its Li-on batteries will eventually be used to power various consumer electronics devices as well as hybrid and electric vehicles

Published: 19-Jan-2009

Boston-Power on Wednesday announced $55 million in new funding, bringing to $125 million the total amount invested in the company since its founding in 2005.

Boston-Power will use the new growth capital to scale manufacturing, sales, marketing, and research and development to meet strong global demand for its Sonata Lithium-ion (Li-on) batteries. Initially, that product will target notebook computers.

"This new funding will help us expand our presence significantly in the notebook PC industry," said Boston-Power Founder and CEO Christina Lampe-Onnerud in a statement. "It will also enable us to respond even more quickly to the opportunities in other high-growth markets, especially transportation." Last month, the manufacturer announced Hewlett-Packard (NYSE:HPQ) would be the first customer to offer Boston-Power's Sonata battery as an upgrade option. The company says the battery, which will be available early in the year, offers "like-new" performance for three years, compared with current batteries that start to fade in approximately three to six months.

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