Mumbai-based early-stage venture investment firm Mumbai Angels Network today announced it has invested an undisclosed sum 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.
According to the firm, Indi Energy will deploy the funds in strengthening its research and development (R&D) and scaling up its proprietary Sodium-ion battery technology.
Speaking on the development, Akash Soni, Co-Founder & CEO of 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 biowastes 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."
"We are thrilled to have an eminent investor Mumbai Angels Network backing us in our journey. This funding will allow us to bolster infrastructure and scale up our business through the development of our Sodium-ion battery technology," he added.
Nandini Mansinghka, Co-Founder & CEO- Mumbai Angels Network said, "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 utilization 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. We believe that this funding will be a testimony to the work that the Indi Energy team has been doing and will help them scale up its operations and ramp up infrastructure to drive growth," she added.
Founded in 2019, Indi Energy is a Roorkee-based energy storage startup involved in the R&D of next-generation battery technologies, with superior performance than its current counterparts.
With an experienced team of scientists and engineers from IIT, Roorkee, The startup is providing cost-effective, safe, and high-performance battery technology for various applications such as solar and wind grid storage, electric scooters, and e-rickshaws, etc.
It 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.
According to the statement, Indi Energy has 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. It 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.
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