WESTBOROUGH, MA 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 Lithium-ion
batteries.
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.
About Boston-Power
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 www.boston-power.com.
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 respective owners.
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