Leyden Energy, Inc has raised $10 million in Series C financing from existing investors, including New Enterprise Associates (NEA), Lightspeed Ventures, Sigma Partners and Walden International. The new round will help fund productization and commercialization of Leyden Energy's next-generation battery chemistries, built on research and development (R&D) breakthroughs in both silicon anode (Si-anode) technology for mobile consumer electronics applications and advanced lithium ion (Li-ion) chemistry for start-stop automotive applications.
Building off its lithium-imide (Li-imide™) chemistry platform, which leads to fundamental improvements in battery performance based on electrolyte innovation, Leyden Energy has engineered new technology breakthroughs in silicon anode. The new chemistry promises to significantly boost energy density and meet the rigorous cycle life and reduced swelling battery requirements for thin mobile consumer electronics. The company will concurrently focus on low-cost breakthrough performance of Li-ion batteries in start-stop automotive applications in response to rapid adoption of start-stop vehicle technology.
"Today, the battery can be an inhibitor to technology innovation by being unable to meet the power, performance and stability requirements of product engineers and designers across a number of different markets," said Andrew Kau, managing director at Walden International. "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."
The closing of this Series C financing caps off a successful 2012 during which Leyden Energy commercialized its Li-imide battery chemistry and continued its heavy R&D focus on silicon anode and other emerging technologies. The company completed build-out of one of an advanced pilot manufacturing and testing facility at its Fremont, Calif. headquarters, where its product R&D is headquartered. The company also kicked off a number of design partnerships with large consumer electronics companies and received recognition for its innovations from leading analyst firms and industry organizations.
"We believe the battery chemistry that will deliver the biggest impact over the next decade is not available at commercial scale today," said Rick Wilmer, president and CEO of Leyden Energy. "For the markets that have the most promise and most rigorous requirements— consumer electronics, automotive, etc.,—it's going to take new chemistry innovations to make significant leaps in performance. We've made some remarkable breakthroughs in silicon anode that we plan to productize and commercialize in the months to come. We are very excited about our progress and 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."
Source: Leyden Energy