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arduino powered by 3.7 volt battery?

Can an Atmega328 chip +oscillator run off of 3.7 volts without a regulator to be used for 7 channel pulse width modulation with mosfets to drive the leds?

I'm desiring to power it with an 18650 battery. (which charges to 4.2 volts and drains to 2.75 volts)

http://www.dealextreme.com/details.dx/sku.5790

if not, how could i do it?

frollard6 years ago
http://antipastohw.pbworks.com/w/page/26627156/Lithium-Backpack

It can be done, this person is using some sort of boost converter to provide the full 5 volts for any 5v stuff you may require - but running it of the plain battery should work, with possible unknown consequences to certain communications.
The ATMega328 will run happily from 1.8 to 5.5 V according to the datasheet.

Steve