Energy storage solutions startup Clean Electric raises $6 million in a Series A round

Energy storage solutions startup Clean Electric has raised $6 million in a Series A funding round co-led by Info Edge Ventures, Pi Ventures, and Kalaari Capital.

The round also saw participation from Lok Capital and other strategic investors.

What does Clean Electric do?

Founded in 2016 by Akash Gupta, Abhinav Roy, and Ankit Joshi, Clean Electric focuses on providing advanced battery solutions for electric vehicles.

The startup has gained recognition for its proprietary rapid charging technology, which can fully charge EVs in under 12 minutes, a significant improvement over the industry standard of 40 minutes or more.

The startup's technology stack includes a patented Direct Contact Liquid Cooling (DCLC) system and an integrated cell-to-pack (CTP) architecture, enhancing both safety and vehicle range.

The battery technology developed by Clean Electric is both cell and chemistry agnostic, allowing for flexible applications across various types of vehicles. The startup's solutions have been rigorously tested, with over 0.5 million hours of battery testing conducted over the past four years.

Focus on growth and expansion

Clean Electric plans to use the newly raised funds to expand its research and development efforts, sales operations, and product development.

The startup aims to extend its battery technology to electric four-wheelers and commercial vehicles, further establishing its presence in the rapidly growing EV market. 

Cealn Electric aims to increase its annual revenue rate from the current $1.2-1.5 million annual run rate (ARR) to nearly $10 million by September next year.

The startup has already commercialized its battery packs for electric two-wheelers and is working on scaling production for three- and four-wheelers in the coming year.

Clean Electric has obtained regulatory certifications for its two-wheeler and three-wheeler battery packs and is working towards securing certifications for four-wheelers by the end of the year.

Pranav Koshal from Kalaari Capital said, “Clean Electric is emerging as a leader in efficient battery and energy storage systems, which will be crucial to drive the growth of EVs and the transition to green energy.” Similarly, Shubham Sandeep, Managing Director at Pi Ventures, mentioned, “We are impressed by the ultrafast EV charging demonstrated by the Clean Electric team on public charging infrastructure."