Leyden Energy secures $10m financing for advanced batteries development
US-based advanced batteries developer Leyden Energy has raised $10m in funding from its existing investors.
The investors include New Enterprise Associates (NEA), Lightspeed Ventures, Sigma Partners and Walden International, who participated in the Series C financing.
Proceeds from the funding will help finance the productization and commercialization of the company's next-generation battery chemistries.
Leyden Energy president and CEO Rick Wilmer said, "We are very excited about our progress and are aggressively looking for battery technologists to join our team. We believe these breakthroughs will push us to the forefront of the thin mobile consumer electronics market."
The batteries proposed to be built, will be in both silicon anode technology for mobile consumer electronics applications and advanced lithium-ion chemistry for start-stop automotive applications.
Walden International managing director Andrew Kau remarked that batteries were becoming inhibitors to innovation as they were left inadequate to meet newer product designs and applications.
"With continued success in developing its battery chemistry breakthroughs, Leyden Energy can change energy storage from an inhibitor of innovation to a driver of new applications and premium products in mobile consumer electronics and automotive applications," opined Kau.