[Funding alert] EV battery startup Grinntech raises $2M from HNIs
Grinntech, a startup specialising in lithium-ion batteries for electric vehicles (EVs) and energy storage systems, on Thursday announced it has closed a round of $2 million from a set of high net-worth individuals (HNIs) and senior people from the automotive industry.
The startup also unveiled a range of high-tech batteries customised to Indian conditions along with its proprietary IoT-enabled BMS to power two-wheelers, three-wheelers, and tractors/light vehicles.
Founded in 2013 by Nikhilesh Mishra and Puneet Jain, the IIT-Madras incubated startup is currently working on technologies that can enable fast adoption of EVs.
“It was always our dream to create a technologically advanced lithium-ion battery product-line that was built-to-cost for Indian conditions along with its production system. We are hopeful that we will catch the fast-growing wave for EV products by Indian customers,” said the co-founders.
Some of the investors in Grinntech include Dr V Sumantran, former Vice-Chairman of Ashok Leyland Ltd, and Lakshmi Narayanan, co-founder and former Vice-Chairman of Cognizant.
“Apart from affordable, high-quality batteries that employ customisable and superior thermal management, we anticipate EV makers and customers will soon require additional capabilities like battery performance analytics and connectivity. With our innovative product range and sophisticated IoT-enabled BMS systems, we are ready for this future,” said Nikhilesh.
Grinntech’s batteries offer the combination of design sophistication and quality to ensure superior performance and durability, said a release by the company.
The company is also working on new standards in safety, intelligent controls, energy-density, power-management, long life, and reliability. Apart from this, it also undertakes custom battery development for customers in India and abroad.
Dr V Sumantran said, “In the coming years, market conditions will reward those EV battery makers that possess technological and operational competence. Grinntech’s combination of performance, quality, and economics will play an important role in that journey.”
Edited by Megha Reddy