Next-generation Lithium-ion battery provider Boston-Power Inc., has announced $60 million in Series E funding co-led by existing investors Foundation Asset Management (FAM) and Oak Investment Partners. Current investors Venrock and Gabriel Venture Partners are also participating.
Boston-Power will use the growth capital to scale manufacturing, sales, marketing and research and development for its next-generation Lithium-ion Battery Technology currently embodied in the company's Sonata® battery systems used for electronic portable devices.
Capitalizing on the same disruptive Lithium-ion Battery technology, the company last year announced the Swing battery, which sets a new benchmark for energy density combined with long life, safety, reliability, environmental sustainability and price/performance. These capabilities make Swing battery systems ideal for Plug-In Hybrid Electric Vehicle (PHEV), Battery Electric Vehicle (BEV) and Utility Energy Storage applications.
In December 2009, Boston-Power announced that Saab's new zero-emission, high performance electric vehicle, the ZE Saab 9-3, would be powered by a Swing battery system. The first vehicles under this test program will be available this fall, with more to follow in 2011. Boston-Power will unveil additional customers in the transportation and utility markets from around the world later this year, in accordance to those organizations' respective announcement plans.
"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."
On related matters, Oak Investment Partners Managing Partner Bandel Carano assumes the role of board chairman from Dr. Tony Evnin, general partner with Venrock, who remains on the board. Joining the board is Oak Investment Partners Venture Partner Allan C.Y. Kwan. With 25 years of information technology, telecommunications and general management experience, Kwan brings extensive expertise in Greater China business operations. This includes serving as vice president of Yahoo! International following its $1.7 billion U.S. investment in Alibaba.com; chairman and CEO of Asia.com; and Motorola's lead executive for the paging products division in Greater China.
Along with Lampe-Önnerud; Axel Wallenberg, board member, Foundation Asset Management; and Richard Nilsson, senior analyst, Foundation Asset Management, completing Boston-Power's board are directors Robert C. Purcell, Jr., a 30-year auto industry veteran responsible for the development and production of the GM EV-1, the world's first modern electric vehicle; and Martin J. Garvin, internationally recognized supply chain and procurement executive and former senior vice president of worldwide procurement and global customer experience for Dell, Inc.
Boston-Power are one of the world's most well-financed companies in energy storage and clean technology, attracting $185 million in investment since being founded in 2005.
Even for road vehicles, there is now a great variety of needs for traction batteries from the second generation pure electric sports cars such as the Lightning from the UK Lightning Car Company to tiny microcars. Fiat Group has particularly wide interests from electrification of its Ferraris to its Fiat microcars and heavy industrial and agricultural equipment. In future, one automotive company may well buy several different types of traction battery as appropriate, leaving a place for the battery leviathans as well as the smaller suppliers such as Boston Power where these have genuine uniques.
Reference: Boston Power
Also attend: Future of Electric Vehicles which uniquely covers the whole electric vehicle market - land, sea, air whether hybrid or pure EV - with emphasis on future breakthroughs and read: Car Traction Batteries - the New Gold Rush 2010-2020.