I wanted to convert an old 1990s boombox to be self-powered using two 18650 cells. It was designed to be powered by 6 C-cells, but no one ever did that because it didn't run very long, and it was a terrible waste throwing out all those batteries. Six primary cells provides 9 volts, and two 18650s provide between 6.2 and 8.4 volts. A quick test with my bench supply revealed that there was no change in level or distortion from 9 volts all the way down to 6.0 volts. At that voltage, the box simply shut down, although it did continue to consume enough power that I couldn't count on that to save the batteries from over-discharging.
So two 18650s will work perfectly.
Since I'm using free 18650s from old laptop battery packs, and since these are not protected, I wanted a circuit that would shut off the power as soon as the batteries got below 3.1 volts per cell. The circuit also had to consume virtually no power (less than 100 uA) once the circuit was shut down, and I wanted it to add less than 10% to the load when the circuit was active. Finally, it had to have a few tenths of a volt hysteresis so once shut down, it would stay shut down.
The circuit below fulfills all these design objectives. I used a high hFE transistor biased with really large resistors. This minimizes the current used when the circuit is active. The 220 ohm emitter resistor provides feedback, like what is done in amplifier design, and this provides the hysteresis. I added the capacitor and resistor across the relay contacts after I found that the relay got sticky when the amplifier was turned on with the volume up. The capacitor eliminates any arcing. Finally, the Schottky diode provides battery reversal protection. I wasn't planning on using a Schottky because it isn't in series with the load, but as I was doing measurements during the breadboarding, I found that the zener I used still conducted a little bit for several tenths of a volt below its threshold. By using the Schottky with its lower forward voltage, I changed the point on the curve at which the circuit shut down, and it only required a few tenths of a volt below the shutdown before the leakage current got down to almost 10 uA, a very acceptable standby drain.
Since I know that a lot of people design using two 18650s in series, I thought this circuit might be useful.

So two 18650s will work perfectly.
Since I'm using free 18650s from old laptop battery packs, and since these are not protected, I wanted a circuit that would shut off the power as soon as the batteries got below 3.1 volts per cell. The circuit also had to consume virtually no power (less than 100 uA) once the circuit was shut down, and I wanted it to add less than 10% to the load when the circuit was active. Finally, it had to have a few tenths of a volt hysteresis so once shut down, it would stay shut down.
The circuit below fulfills all these design objectives. I used a high hFE transistor biased with really large resistors. This minimizes the current used when the circuit is active. The 220 ohm emitter resistor provides feedback, like what is done in amplifier design, and this provides the hysteresis. I added the capacitor and resistor across the relay contacts after I found that the relay got sticky when the amplifier was turned on with the volume up. The capacitor eliminates any arcing. Finally, the Schottky diode provides battery reversal protection. I wasn't planning on using a Schottky because it isn't in series with the load, but as I was doing measurements during the breadboarding, I found that the zener I used still conducted a little bit for several tenths of a volt below its threshold. By using the Schottky with its lower forward voltage, I changed the point on the curve at which the circuit shut down, and it only required a few tenths of a volt below the shutdown before the leakage current got down to almost 10 uA, a very acceptable standby drain.
Since I know that a lot of people design using two 18650s in series, I thought this circuit might be useful.

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