Battery technology developers continue to attract venture funding.
Among them is Leyden Energy Inc. (Fremont, Calif.), which recently announced Series B funding totaling $20 million. The round was led by New Enterprise Associates (Menlo Park, Calif.) along with current investors Lightspeed Ventures, Sigma Partners and Walden Capital.
Leyden said it will use it latest infusion of capital to add manufacturing capacity for its next-generation lithium-ion batteries as well as for future development of advanced battery technologies. The production boost is tied to growing demand from customers in the "smaller consumer electronics sector," the company said.
Leyden's core technology includes thermal properties that address shortfalls in Li-ion battery performance at high temperatures. Chemical reactions in batteries speed up at high temperature, degrading performance and reducing the number of charging cycles. The company said it is offering a three-year warranty on its Li-ion batteries as compared to a standard one-year warranty.
“Market demand for high-performance, long-lasting batteries in consumer electronics is growing," Leyden Energy CEO Aakar Patel said in a statement.
The company also said Ron Bernal of New Enterprise Associates will join its board of directors. “What [Leyden] has introduced is really an energy storage platform that can be applied to a number of different product markets in order to increase the value that those applications bring to end customers," Bernal said in a statement.
Along with consumer electronics, Leyden Energy is also targeting the electric vehicle, smart grid and backup storage markets.
New Enterprise Associates, Lithium-Ion Battery, Leyden Energy, Battery Battery developer Leyden Energy recharges with $20M
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