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85% reduction in CO2 footprint of battery production
Investment for upscaling production facility and further development of the technology
The LeydenJar battery has far higher energy density and is cheaper
Leiden, 31 August 2021 - Start-up company LeydenJar Technologies has raised €22 million in a new investment round. The financial injection will be used for scaling up its production facility and further development of its battery technology. In this way, LeydenJar is preparing for mass production at a competitive price. The technology of LeydenJar provides for batteries with 70% more energy density than the best batteries currently available in the market. This enables electric cars with a far larger action radius, smart phones that need to be charged less often or even electricity powered aircraft. The ultimate aim is to accelerate the energy transition with innovative battery technology.
With this new financial injection, the start-up can further develop the technology, prepare the product for mass production and save on the cost price. LeydenJar raised the amount from Dutch and American venture capitalists and received additional support from the Netherlands Enterprise Agency with a subsidy of over €5 million.
85% lower footprint
Batteries with high energy density are needed for purposes including the electrification of the automotive industry. With the battery technology of LeydenJar, an electric vehicle can cover as much as 70% more distance before it needs to be recharged. The battery is also suitable for fast charging, so that one can be on the road again within fifteen minutes. An additional distinctive feature is that the production process of these batteries is also considerably more sustainable than that for ‘ordinary’ li-ion (rechargeable) batteries, resulting in a reduced CO2 footprint of 85%.
Founder and director Christian Rood says: ‘With this investment, we can take a major step towards accelerating the energy transition, because battery technology is still often the bottleneck for the electrification of cars and many other applications. In the future, we will increasingly use batteries for all sorts of purposes. It is therefore necessary that they are produced in a sustainable way. We are proud of having been able to secure the support of a strong consortium of investors and we look forward to developing this technology further, together with our clients. Onward to the super-battery!’
Growth
Since LeydenJar spun-out from the Dutch applied research institution TNO in 2016, it has been working to further develop its technology. Increasing the battery lifetime is a crucial next step in the development of the battery, as well as upscaling the plant in Eindhoven to support mass production. Furthermore, the tech company also needs people in order to be able to realise that development. While LeydenJar currently has some 25 employees, the company expects this number to grow to at least 70 FTEs in 18 months as a result of this investment.
New investors joining in this Series A investment round are Catalus Capital, YARD ENERGY, Invest-NL, ING Sustainable Investments and Somerset Capital Partners. Existing investors (including BOM and DOEN Participations) also partake in this financing round.
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