Leyden Energy, Inc., a Fremont, Calif.-based manufacturer of advanced lithium-ion (Li-ion) batteries for the consumer electronics, energy storage and electric vehicle (EV) markets, has received $20m in Series B financing.
The round was led by New Enterprise Associates, with participation from existing investors Lightspeed Ventures, Sigma Partners and Walden International.
The company plans to use the funds to expand production and salesof its full suite of Li-ion batteries, increase company staff and fund its future development of advanced battery technologies.
In conjunction with the funding, NEA’s Ron Bernal will join Leyden Energy’s board of directors.
Led by president and CEO Aakar Patel, in 2010 the company was awarded a United States Advanced Battery Consortium (USABC) contract through its government program for lithium-ion advanced development for superior electromechanical energy storage technologies supporting the commercialization of hybrid and electric vehicles.