Leyden Energy, Inc. announced that it has received $20 million in Series B financing led by New Enterprise Associates (NEA), with participation from existing investors Lightspeed Ventures, Sigma Partners and Walden International. Leyden Energy will use the new capital to expand production of its full suite of next-generation Li-ion batteries, increase company staff and fund its future development of advanced battery technologies. The financing round comes only six weeks after the company announced that it hit key customer milestones and officially launched its three-year battery product portfolio.
“Leyden Energy combines all of the elements we look for in a portfolio company – tangible intellectual property that can be commercialized in a cost-effective manner to address a large market problem,” said Ron Bernal, venture partner at NEA. “What the company 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. We are excited to be working with Leyden Energy to usher in its next stage of growth.”