Gegadyne Energy, a Mumbai based start-up working in the area of battery technology, is planning to raise up to $10 million in Series A funding.
“We are already talking to investors and will raise the funds before the end of 2018. Most of the funds will be utilised to set up a state-of-the-art laboratory facility in Mumbai,” said Jubin Varghese, CEO and co-founder, Gegadyne Energy.
The firm is developing a proprietary battery technology that can charge a battery from 0-100% in under 15 minutes.
Energy powerhouse
“The technology will revolutionise the energy sector worldwide, and has the potential to make India an energy powerhouse,” Mr. Verghese said.
The company has created a portfolio of international patents to build an ecosystem of electric vehicles and stationary energy storage. It has developed high energy density supercapacitors with energy density similar to lithium ion batteries.
“Our vision is a future wherein one could drive an electric vehicle to a charging station with less than 1% of battery and drive out of the same within 15 minutes with a fully charged battery.
“The experience of the EV owner should be exactly like fuelling at a petrol pump just in 15 minutes,” he said. This year, the company had secured undisclosed funding angel round from Mumbai Angels Network.
“The technology is being developed completely in India for the world. The battery is the bottleneck in adoption of Electric Vehicles. We are aiming to leapfrog batteries to the next stage and thereby change the economics of Electric vehicles and everything else associated with them now and into the future,” Mr. Varghese added.
