SOURCE: Boston-Power, Inc.
January 03, 2008 08:00 ET
Boston-Power® Fuels Next Stage of Growth With One of the Largest Portable Power Venture Investments
Oak Investment Partners Leads $45 Million Series C Round; Capital Infusion Timed With Expansion of Mass Manufacturing for Sonata Family of Next-Generation Lithium-Ion Batteries
WESTBOROUGH, MA--(Marketwire - January 3, 2008) - Boston-Power, Inc.®, a rapidly growing
provider of first-to-market portable power solutions, today announced $45
million in new funding. The Series C round was led by Oak Investment
Partners and included existing blue-chip investors Venrock Associates,
Granite Global Ventures and Gabriel Venture Partners.
With $8.4 billion in committed capital, Oak Investment Partners is one of
the world's leading venture capital firms. As part of its investment, Oak
Investment Partners Managing Partner Bandel Carano has joined
Boston-Power's board of directors. To date, Boston-Power has raised more
than $68 million in funding.
Boston-Power will use the new capital to scale business development,
marketing, research and development, and manufacturing operations to meet
strong global demand for Sonata -- the company's next-generation
Lithium-ion battery technology. Sonata initially targets notebook
computers. Eventually, the company's products could be used to power an
extensive range of end-applications -- from consumer electronics devices to
hybrid electric vehicles.
Boston-Power also announced today a manufacturing partnership with GP
Batteries. (See press release: "Boston-Power Selects GP Batteries to Expand
Manufacturing of Next-Generation Sonata Notebook Computer Battery.") GP
Batteries is the number one battery manufacturer in Asia outside Japan and
the tenth largest battery manufacturer in the world.
"The Lithium-ion battery industry is undergoing a major technology advance
-- one that will provide substantially better safety, dramatically improved
cycle life and extremely fast recharge," said Oak Investment Partners
Managing Partner Bandel Carano. "Boston-Power is leading this next
generation. Initially delivering breakthrough performance for laptop
computers, the company's technology promises to be equally compelling for a
range of other applications, including hybrid and all-electric vehicles."
"Now that we're shipping product, our success is largely driven by our
ability to implement well on a fast-growing, multibillion dollar market
opportunity," said Boston-Power Founder and CEO Dr. Christina
Lampe-Onnerud. "Oak's keen insights and proven ability to guide companies
to success make them an excellent addition to our team."
Unprecedented Demand for Notebook Computer Batteries
Demand for safe, high-performance, environmentally responsible Lithium-ion
notebook computer batteries is substantial. IDC reported 37 percent growth
worldwide in portable PC shipments in the third quarter of 2007, the
fastest in more than a decade. This exceeded growth in desktop PCs by 33
percent in the same quarter. Moreover, Gartner reported that third quarter
notebook computer shipments surpassed desktop PC shipments, at 52 percent.
Sonata redefines the portable power space by establishing new benchmarks in
safety, cycle life, performance and environmental sustainability. Initially
targeting notebook computers, Sonata delivers the longest cycle life ever
available from any Lithium-ion battery. That translates to longer and more
usable power -- like-new performance for three years versus current
batteries that start to fade in three to six months. Sonata's "drop-in"
design enables it to be used with existing notebook computers -- requiring
no design changes on the part of notebook computer original equipment
manufacturers (OEMs) such as HP.
Boston-Power's Technology: Establishing a New Benchmark in Portable Power
Boston-Power's patent-pending, whole-system approach means its technology
can be applied to a vast range of end-applications. As a result, total cost
of ownership benefits inherent in its notebook computer batteries prove
increasingly impressive in cases where even greater power is required.
Complementing best-in-class performance, the unmatched safety benefits
available from Boston-Power's technology apply whether used in notebook
computers and consumer electronics devices or other applications such as
hybrid electric vehicles (HEVs). With existing notebook computer batteries
containing roughly the same power as hand grenades -- and HEV batteries
representing far greater than that -- Boston-Power's proactive,
preventative safety features overcome the issues challenging current
Leadership Team Ready for Rapid Growth
On related matters, Boston-Power welcomes two executives to its management
team. Declan Shalvey has assumed the role of chief operating officer. He
brings to his new position more than 20 years of experience in operations,
manufacturing, supply chain management, customer service, and contract and
price negotiation for start-ups and multinationals throughout the U.S.,
Asia and Europe. Robert Andersen has joined as chief financial officer,
following 30 years of executive-level financial leadership with companies
that include Raytheon Corporation, United Technologies Corporation, Digital
Equipment and Idera Pharmaceuticals. Additionally, Granite Global Ventures
Managing Partner Scott Bonham now fills the board seat previously held by
fellow GGV Managing Partner Thomas Ng.
Boston-Power, Inc.® is an emerging portable power company answering the
call for safer, longer lasting Lithium-ion batteries -- today. Led by CEO
and Founder Dr. Christina Lampe-Onnerud, a recognized authority in the
battery industry, the company is backed by leading venture capital firms
Oak Investment Partners, Venrock Associates, Gabriel Venture Partners and
Granite Global Ventures. Boston-Power's innovative systems approach to
portable power and application-specific batteries starts with safety, while
achieving next-generation performance gains. Founded in 2005, the company
is headquartered in Westborough, Massachusetts and has Six Sigma-level
manufacturing operations in Greater China. For more information, visit
About Oak Investment Partners
Established in 1978, Oak Investment Partners is a venture capital firm with
a strong track record as a multi-stage investor. Their primary investment
focus is on high growth opportunities in communications, information
technology, consumer internet, new media, financial services information
technology, semiconductors, healthcare services, clean energy, and
retail. Oak concentrates on building long-term relationships with
experienced management teams to develop successful companies that deliver
consistent performance over time. These include 2Wire, Aquantive (acquired
by Microsoft), Athenahealth, Compaq, Fastclick (acquired by ValueClick),
Genzyme, Gmarket, Inktomi (acquired by Yahoo!), Parametric Technology
Corporation, PictureTel, Polycom, Seagate Technologies, SMIC,
Sybase, Synaptics, Synopsys, TeleAtlas, Virata, Wireless Facilities (WFII),
etc. For more information, please visit www.oakinv.com.
About Venrock Associates
Venrock Associates is one of this country's premier venture capital firms
with offices in New York, Menlo Park, and Cambridge, MA. Originally
established as the venture capital arm of the Rockefeller family, Venrock
continues a six-decade tradition of funding entrepreneurs and establishing
successful, enduring companies. Having invested more than $1.8 billion in
more than 400 companies over the past 37 years, Venrock's investment
returns place it among the top tier venture capital firms that have
achieved consistently superior performance. Venrock focuses its investments
on early-stage companies in information technology, healthcare, and
emerging technologies. These include: Intel, Apple Computer, StrataCom,
Check Point Software, and DoubleClick; Centocor, Idec Pharmaceuticals,
Sugen, Millennium Pharmaceuticals, and Illumina. For more information,
please visit Venrock's website at www.venrock.com.
About Granite Global Ventures
Granite Global Ventures is a leader in expansion-stage venture capital
investments in the United States and Asia, combining global vision with
local insight. GGV's highly diverse team manages over $800 million from its
offices in Silicon Valley, Shanghai, and Singapore. The firm invests across
a range of sectors: software, new media, computing, networking, services
and healthcare, as well as emerging industry segments in Asia. GGV has
provided capital and helped accelerate international business development
for its worldwide portfolio of high-growth companies, particularly in the
U.S. and China. GGV's portfolio includes Alibaba.com (combined with
Yahoo!), 2Wire, AAC Acoustics (HKSE: 2018), and Sirna Therapeutics (NASDAQ: RNAI). Recent exits include Qpass (acquired by Amdocs), Xfire (acquired by
Viacom), P-Cube (acquired by Cisco), and Netscaler (acquired by Citrix).
For more information, please visit www.ggvc.com.
About Gabriel Venture Partners
Gabriel Venture Partners® is a venture capital firm committed to building
industry leaders by actively partnering with entrepreneurs to build the
market leaders of tomorrow in technology and technology-enabled businesses.
Gabriel is based in Silicon Valley and has over $260 million under
management. Gabriel's investment team consists of seasoned technology
entrepreneurs and industry executives, each with international operating
experience and strong domain expertise. Representative investments include
Placeware (acquired by Microsoft), NetScaler (acquired by Citrix), and
Iridigm (acquired by Qualcomm), as well as India investments such as Allsec
(IPO), IL&FS Investsmart (IPO), and Provogue (IPO). For more information,
please visit www.GabrielVP.com.
Boston-Power, Inc. is a trademark of Boston-Power, Inc. Other brand names
or product names are trademarks or registered trademarks of their