Jupiter Capital invests $2M in Altigreen Propulsion Labs
Bengaluru-based Jupiter Capital has invested USD 2 million (about Rs 13 crore) in Altigreen Propulsion Labs, a niche startup providing technology-enabled solutions for electric and hybrid powertrains.
Jupiter Capital is looking to invest in game-changing technology ventures focused on Make in India, Design in India, and Smart City, the company said in a statement in Mumbai.
"Altigreen has developed hybrid technology enabling every vehicle to become a hybrid. The patented technology of the company can be easily replicated in other developing nations to address growing concerns on greenhouse gas emission," Jupiter Capital's Director Sudhakar Gande said.
The solution developed by the company is innovative at a price point, enabling accelerated adoption, he added. Altigreen is engaged in research, design and development of proprietary hybrid vehicle technology for Indian market.
It develops kits to improve fuel-efficiency (~30 per cent) and reduce harmful tailpipe emissions (~25 per cent), not just for new vehicles but also for the large population of existing cars and trucks. Altigreen has four co-founders and is supported by a strong engineering team and an advisory panel of cross-domain industry experts.