Boston-Power Welcomes New CEO
Keith Schmid, the new CEO of Boston-Power.
Boston-Power Inc., the Westborough-based lithium ion battery manufacturer, already has blockbuster clients such as Hewlett Packard, Saab and NASA.
But Keith Schmid, the new CEO of the next-generation battery company, said that's just the beginning for this MetroWest business.
The six-year-old venture-backed company recently announced an executive change. Schmid has come on board, while the founder of the business, Christina Lampe-Önnerud, has stepped out of the CEO role to become executive chairman. Schmid comes to Boston-Power from Power Distributions Inc., a Richmond, Va.-based company that specializes in medium and large data center battery gear.
Boston-Power specializes in developing longer-lasting, faster-charging and more durable batteries compared to competitors.
And while the company has a history in computer batteries and powering electric cars, Schmid said he's been brought in to even further penetrate the power market.
Powering Up
Boston-Power has raised more than $190 million in venture capital.
The firm's batteries are already used in a laptop made by HP as an upgrade. The company also has a contract with NASA to power a robot that the government hopes to send to the moon. And the company has inked an agreement to develop a battery for Saab's newest electric car, the Saab 9-3 ePower.
Looking forward, Schmid sees Boston-Power concentrating on three major markets: portable batteries, electric vehicles and utility-grid energy storage.
Schmid is particularly excited about the electric vehicle potential.
"The clean revolution is upon us," he said. "It's not something that might happen in the future, it's actually happening now."
The key to being competitive in the electric car market is battery range, and that's where Schmid says Boston-Power excels. The company's battery can power a car with a range up to more than 125 miles. Saab will be testing the vehicles this year and next.
Schmid also sees potential in the portable battery field.
Boston-Power recently signed an agreement to work with an Indian company, Vihaan Networks Ltd. (VNL), which makes portable devices that create wireless networks in rural areas. The systems are powered by solar panels and will use Boston-Power technology to store the energy needed to power the systems at any time of day, even when it's not sunny out.
According to Schmid, Boston-Power's technology is different from any other battery manufacturer because of its combination of fast recharge without compromising battery life, coupled with leading energy density and durability.
Even with all the growth potential, Boston-Power is still in an extremely competitive market of battery manufacturing, said Michael Lew, who tracks the battery industry for Needham & Co. in New York.
"It's really difficult to say who's got the best widget," he said. "But given who (Boston-Power) is working with, it does bring some credibility to their product."
As for Boston-Power's specific growth plans, Schmid said the company has been steadily hiring workers for the past few years and he expects that to continue.
The company's headquarters and research and development offices are in MetroWest but the manufacturing facilities are in Asia, where Schmid said the company received lucrative financial incentives for setting up shop there. The company had planned to set up a manufacturing facility in Auburn, but when federal incentives didn't come through, Boston-Power scrapped those plans.
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