[Funding alert] Mumbai Angels Network invests undisclosed sum in energy storage startup Indi Energy
The startup will be using the freshly infused capital to strengthen R&D and scale up its proprietary Sodium-ion battery technology that is made from bio/agricultural waste.
Mumbai Angels Network, a premium startup investment platform for early-stage venture investments, has invested in Indi Energy, an energy storage startup committed to developing energy storage technologies such as Lithium-ion and Sodium-ion batteries, solid-state batteries, supercapacitors, etc. as a part of its seed round.
While the funding amount remains undisclosed, Indi Energy will be utilising the funds in bolstering its R&D, and scaling up its proprietary Sodium-ion battery technology.
Akash Soni, Co-founder and CEO, Indi Energy said,
“Indi Energy is on a mission to develop low-cost, safe, and high-performance sodium-ion batteries that are manufactured from agricultural waste and biowaste such as paddy straws and natural resources from the earth such as sodium, thereby reducing our dependence on scarce elements such as lithium, cobalt, and nickel which are essential components of Lithium-ion batteries.”
“This funding will allow us to bolster infrastructure and scale up our business through the development of our Sodium-ion battery technology,” Akash added.
With a core team of scientists and engineers from IIT, Roorkee, Indi Energy envisions providing indigenously developed, cost-effective, safe, and high-performance battery technology for various applications including solar and wind grid storage, electric scooters and e-rickshaws, SLI batteries, batteries for solar lights, UPS batteries, and inverter batteries, amongst others.
The company is currently working on its proprietary Sodium-ion batteries that aim to significantly bring down India’s dependence on imported Lithium-ion batteries and the raw materials required by providing a sustainable alternative at affordable prices.
Furthermore, Indi Energy claims to have made breakthroughs in Sodium-ion batteries with its energy density 3-4 times better than the commercialized lead-acid batteries that are currently available in the market. The company has also filed patents for Sodium-ion batteries, having invented a high-performance Sodium-ion negative electrode material from rice/paddy straw and cattle manure.
Commenting on the investment, Nandini Mansinghka, Co-founder and CEO, Mumbai Angels Network added,
“In today’s world that is almost entirely powered by technology and gadgets, there is increased awareness about climate change and waste generation, and sustainable energy production and waste utilisation are the need of the hour. Indi Energy’s commitment to reducing reliance on scarce resources to build its proprietary Sodium-ion battery will be a revolutionary step in the energy storage space.”
Edited by Anju Narayanan