Lithium ion battery company Leyden Energy said today it has raised $20 million to ramp up production of its long-lasting batteries for consumer electronics.
The 4-year-old company said the funding, led by venture capital company New Enterprise Associations, will be used to add manufacturing capacity and build out its sales channels.
Leyden Energy's batteries last week become available from online retailer Dr. Battery, which is offering "Advanced Pro" battery replacements for Acer, Gateway, Lenovo/IBM, Dell, Hewlett-Packard, and Toshiba notebooks.
A conventional battery has between 350 and 400 charge cycles before performance starts degrading. The Leyden Energy batteries offered by Dr. Battery will have more than 800 recharge cycles and will work with "like new performance" for more than two years, according to Dr. Battery.
Fremont, Calif.-based Leyden Energy increases the life of all types of lithium ion batteries with its electrolyte material. The electrolyte is made of a lithium salt that remains stable at higher temperatures and slows the degradation that occurs with traditional lithium ion batteries, according to the company. The new electrolyte does not add to the production costs of batteries, CEO Aakar Patel said in May.
The company is targeting the market for battery replacements for consumer electronics, including laptops, phones, and tablets. It also expects to develop a line of batteries for vehicles.