Start-up company LeydenJar Technologies, based in Leiden and Eindhoven, has raised 22 million euros in a new investment round. The financial injection is needed to further develop and scale up the company’s technology. With this, LeydenJar is preparing itself for mass production at a competitive price, the company says in a press release. LeydenJar’s technology creates batteries with 70% more energy storage than the best batteries currently offered in the market. “This enables a much greater range of electric cars, a smartphone that doesn’t need to be charged as often, and soon even electrically flying planes”, the company says. The ultimate goal is to accelerate the energy transition with innovative battery technology.
Joining this Series A investment round are Dutch and US institutions and venture investors YARD ENERGY, Catalus Capital, Invest-NL, ING Sustainable Investments, and Somerset Capital Partners. LeydenJar received additional support from the Rijksdienst voor Ondernemend Nederland (RVO) with a grant of over 5 million euros. Existing investors (including BOM and DOEN participations) will also continue to invest. 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.
85% lower footprint
Batteries with a high energy density are needed for the electrification of the automotive sector, among other things. With LeydenJar’s battery technology, it is claimed that an electric car can cover 70% more distance before it needs to be plugged in again. The battery is also suitable for fast charging, to be back on the road within fifteen minutes. A distinguishing feature is that the production process of these batteries is also more sustainable than that of ‘ordinary’ li-ion (rechargeable) batteries, which means that much less CO2 is released, up to 85%.
Founder and director Christian Rood: “With this investment, we can make a big step in 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 be making more and more use of all kinds of battery applications. It is therefore even more important that they are produced in a sustainable way. We are proud to have been able to bind a strong consortium of investors to us and look forward to further developing this technology together with our customers. On to the super battery!”
Since LeydenJar emerged from TNO in 2016, it has been fully committed to the further development of the technology. Increasing the battery life is a crucial next step in development, as well as scaling up the factory in Eindhoven. Moreover, the tech company needs people to make that development happen. The company currently employs about 20 people, but through this investment, LeydenJar expects to grow to at least 70 FTEs in 1.5 years’ time.
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