Rincell Corporation, an advanced chemistry battery cell manufacturer, has raised $1.2 million in a seed funding round. The oversubscribed round was led by the US-based NextGen Battery Chem Ventures, managed by Sandiip Bhammer, a venture capitalist.
Who are the founders?
Founded in 2023 by CEO Jignesh Parikh and Chief Scientific Officer Dr. Jagjit Nanda, Rincell manufactures performance silicon-graphite, lithium manganese iron phosphate (LMFP) and sodium-ion batteries for government and commercial applications.
Jignesh Parikh, with a rich history as the former CEO at American Lithium Energy and leadership roles at Hitachi, Intel, and Western Digital, brings extensive experience to the table. Dr. Jagjit Nanda, a distinguished scientist with a background at the SLAC-Stanford Battery Center and Oak Ridge National Lab, adds profound scientific expertise to the team.
What is the purpose of fundraising?
With this new influx of capital, Rincell will focus on accelerating its mission of electrifying critical sectors with high-capacity performance batteries. The investment will particularly boost the commercial production of their 18650 and 21700 silicon-graphite batteries, slated for CY2024.
Besides Silicon-Graphite batteries, The startup is also working on LMFP and sodium-ion batteries for various applications.
Rincell said it has already begun shipping samples of its innovative batteries to customers, including Inventus Power, North America's largest independent battery pack manufacturer. Chris Turner, CTO of Inventus Power, expressed excitement about Rincell's progress and the potential of incorporating their technology in advanced battery systems for diverse applications like medical, industrial, defence, and xEV.
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