An 18V cordless tool battery is made of a number of cells. As the cells fail over time, you lose voltage output. Once cells have failed, you need to replace or rebuild the battery. If this is a new battery you need to get it replaced under warranty because it's defective.
There are third party battery manufacturers who can replace the cells on some models and types of cordless tool batteries. This can be substantially cheaper than buying replacement name brand batteries. Primecell.com has had good reviews on some of the Taunton press (Finewoodworking Magazine) forums. If you are considering this route, don't forget to factor shipping into the cost of repair vs. replace.
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