[Funding alert] Hyderabad-based GODI Energy raises funds from Blue Ashva Capital
July 22, 2021, Updated on : Thu Jul 22 2021 09:47:16 GMT+0000
Godi India Pvt Ltd, a Hyderabad-based energy technology startup, has raised an undisclosed amount of funding from Blue Ashva Capital through its Blue Ashva Sampada Fund.
The funds raised will be used to set up the Supercapacitor and Lithium-Ion Cell manufacturing facilities in India and continue developing materials with cell chemistries, superiorly engineered batteries and supercapacitor cells.
“As India moves towards carbon neutrality and mass adoption of EV and ESS (energy storage system), it is crucial to become an energy-independent nation. We have bold aspirations to lead the charge in this energy revolution and this investment from Blue Ashva Capital is a major step in this direction,” said Mahesh Godi, Founder and CEO of GODI Energy.
The company was founded and is led by Mahesh Godi, who spent close to a decade in Silicon Valley working at some of the top companies. He returned to India with a mission to set up the first indigenous Lithium-ion cell Gigafactory.
"A spree of EV startups today have either launched their own vehicles or built a service layer on top. However, the key challenge remains the lack of control at the cell level. We are encouraged to see the work Godi Energy is doing on indigenous technology innovation in the battery cell technology space,” added Satya Bansal, Founder, Blue Ashva Capital.
The electric vehicle revolution in India is well underway. In 2021, the demand for Lithium-ion cells in India stands at 10 GWh, the startup said in a statement. This demand is expected to reach 800 GWh by 2030, the statement added.
To keep up with this demand, battery packs and EV OEMs are currently importing cells from various countries. These cells have several issues related to performance, safety and cost.
GODI Energy aims to commercially manufacture advanced Lithium-ion cells and supercapacitors. To achieve this, the company has built a team of scientists, engineers and industry veterans from around the world with expertise in electrochemistry, material science, thermal engineering, and advanced manufacturing.
Edited by Saheli Sen Gupta