Boston-Power Secures $60M In Fifth Funding Round
Westborough, Mass.-based Boston-Power, a developer of lithium-ion batteries, announced last Friday it had secured $60 million as part of a Series E funding co-led by existing investors Foundation Asset Management (FAM) and Oak Investment Partners.
Venrock and Gabriel Venture Partners, both current investors, also participated in this latest funding round. Since its launch in 2005 Boston-Power has raised $185 million.
Boston-Power says it plans to use the cash to finance the production and marketing of battery systems for portable computers and other electronic hand-held devises.
In a prepared statement released Friday, Boston-Power CEO Dr. Christina Lampe-Önnerud, said:
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.
