Li-ion battery manufacturer Boston-Power, Inc. (earlier post), 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 has attracted $185 million in investment since being founded in 2005.
Boston-Power will use the growth capital to scale manufacturing, sales, marketing and research and development for its Li-ion technology platform currently embodied in the company’s Sonata (targeted at notebook computers) and Swing (targeted at PHEV, BEV and utility energy storage) battery systems.
|Boston-Power Swing 4400|
Boston-Power’s battery technology platform is based on a flat, oval-shaped prismatic cell design with external dimensions equivalent to two conventional 18650 lithium-ion cells. Boston-Power currently uses cobalt and manganese on the cathode with graphite on the anode. Each cell incorporates multiple, independent safety devices located in different areas of the cell. The design of each safety component is optimized independent of the other components, and the distributed location eliminates unwanted interactions between them.
Sonata made its debut in March 2009 through a relationship with HP, the world’s number one provider of notebook PCs. Branded as HP’s Long Life Battery, Sonata-powered battery packs are compatible with a range of consumer and commercial models available globally. On 3 June 2010, ASUS announced it will soon ship a new line of business notebooks powered by Sonata as the standard battery pack.
In June 2009, Boston Power announced the Swing battery (earlier post), featuring high energy density (180 Wh/kg) and volumetric density (420 Wh/L) combined with industry-leading 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, the company says.
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. (Earlier post.) 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.