Battery Tech Startup Volt14 Raises $1.87 Mn Led by Blume Ventures

Battery tech startup Volt14 has raised USD 1.87 million in a Pre-Series A round of funding led by Blume Ventures with participation from Beyond Next Ventures, Spectrum Impact, Supermorpheus and previous investor Cocoon Capital. This brings the total funding raised by the company so far to US $4.02M, inclusive of this investment. Since its last fundraise, Volt14 has made substantial progress from the development of its core material technology to now offering its anode products, ready for adoption and manufacturing, to cell producers.

Volt14 will utilise the funds raised for scaling up manufacturing of its anodes and to strengthen the team.

Silicon is a next generation anode material being adopted by the lithium ion battery industry to improve battery energy density which results in longer battery life of consumer electronics and a range of electric vehicles. Volt14 leverages its proprietary technology that allows it to boost silicon content in anodes while maintaining performance stability.The company has been engaging with multiple battery cell companies for the adoption of its silicon rich anode products for their next generation battery cell products. Volt14 has developed an in-house cylindrical EV-format battery cell that demonstrates state-of-the-art energy density using its silicon anode product.

Volt14 was founded in 2019 by Animesh Kumar Jha who has a materials science background and is a Forbes 30 Under 30 alumni. Last year, Dr Puneet Gupta, a veteran from the silicon industry with over two decades of management experience joined the company’s Board of Directors. Ex Tesla, Lucid and CTO of SERES and EV and battery industry veteran Yifan Tang has also joined Volt14 as an advisor.

Animesh Jha, Founder, Volt14, said, “We are delighted to have the backing and vote of confidence from such high-quality investors — Blume Ventures, Beyond Next Ventures, and Spectrum Impact. Over the past five years, our focused and resilient team has made outstanding progress in commercializing our high-performance silicon anode platform. Electrification is an irreversible trend, and in this paradigm we are excited to help our partners unlock tangible product advantages through superior battery performance. Volt14’s technology delivers a substantial boost to energy density, can leverage installed cell production capacity, and scales efficiently — positioning us strongly for the future.”

Arpit Agarwal, Partner, Blume Ventures, added, “We are excited to lead this investment round in Volt14, a company that is fundamentally reimagining the future of battery technology. Their breakthrough silicon anode innovation represents a step-change in energy storage capabilities that could push the boundaries of what's possible with Lithium-ion batteries. Under the very capable leadership of Animesh and Puneet, whose technical expertise and vision are world-class, we have full confidence in Volt14's ability to scale this company globally. We look forward to supporting their journey as they revolutionize energy storage solutions for a more sustainable future.”

“As Japan’s top deep tech fund, we invest early in startups that align with our fund thesis of Healthy Planet, Happy People. Our investment in Volt14 is a step in that direction. Volt14 and the founders’ disruptive vision for a sustainable world by innovating in the battery chemistry space perfectly resonates with our mission to back the pioneers building a happy planet, mentioned Jay Krishnan, Partner, Beyond Next Ventures.

The global lithium-ion battery market is experiencing rapid growth, driven by the accelerating adoption of electric vehicles (EVs) and expansion of renewable energy storage solutions. and is expected to surpass US$300 billion by 2034 with a compound annual growth rate (CAGR) of more than 15% (source). According to the International Energy Agency (source), nearly one out of every five cars sold in 2023 was electric with the global electric vehicle fleet expected to grow twelve fold by 2035. Lithium ion battery cell manufacturing is today a strategic national priority in key economies, including India and the United States with multiple incentive schemes and subsidies to blister domestic production.

Tesla to Introduce Major Battery Innovation in Its Cybertrucks This Year

Tesla is gearing up to introduce a significant battery innovation in its Cybertrucks this year. The company plans to implement dry cathode technology, which is expected to reduce manufacturing costs and streamline production. This innovation involves using dry powder for the cathode material instead of liquid solvents, making the process more eco-friendly and cost-efficient.

The dry cathode technology has been in development for years, facing challenges along the way. However, Tesla has made progress, and Cybertrucks equipped with this technology are expected to roll out soon. This marks a step toward Tesla's broader goals of cost reduction and advancing battery technology.

What is Dry Cathode Technology?

Dry cathode technology is a groundbreaking innovation in battery manufacturing, particularly in Tesla's 4680 battery cells. Unlike traditional wet processes that use toxic solvents and require extensive drying, the dry cathode method skips these steps entirely. Instead, it uses a dry powder mixed with binders to create electrode sheets, which are then pressed onto metallic foils. This approach simplifies production, reduces costs, and is more environmentally friendly.

The advantages of dry cathode technology include:

• Higher energy density: It allows for thicker electrode materials, boosting battery performance.
• Extended battery lifespan: Improved electrode activity enhances durability.
• Cost efficiency: Eliminating solvents and drying ovens lowers production expenses.
• Eco-friendliness: Reduces the environmental impact of battery manufacturing.

Tesla's dry cathode technology, spearheaded by its 4680 cells, is a game-changer in making batteries more sustainable, affordable, and powerful. It's a pivotal step toward revolutionizing the EV industry. 

It is to be noted that Tesla acquired Maxwell Technologies in 2019 to integrate this technology into its 4680 battery cells, aiming to revolutionize electric vehicle batteries. 

Traditional Vs Cathode Dry Technology

Dry cathode technology introduces several advancements when compared to traditional wet-process battery technologies. Let's break it down, as below:

Aspect	Dry Cathode Technology	Traditional Battery Technologies
Environmental Impact	Eco-friendly; eliminates toxic solvents and VOC emissions	Higher environmental footprint due to solvent use and VOC emissions
Production Efficiency	Streamlined process; skips drying and solvent removal steps	Complex process; requires solvent handling and drying infrastructure
Energy Density	Supports thicker electrodes for higher energy capacity	Limited energy density due to thinner electrode layers
Manufacturing Cost	Lower costs; requires fewer materials and resources	Higher costs due to solvents and energy-intensive processes
Battery Longevity	Enhanced electrode activity improves lifespan	Faster performance degradation due to residual solvents

In 2019, Tesla acquired Maxwell Technologies to integrate their dry cathode technology into Tesla's battery production. However, in 2021, Tesla sold Maxwell's ultracapacitor business and branding to UCAP Power, a San Diego-based startup.

Maxwell's innovations, especially in ultracapacitors and dry cathode technology, have had a significant impact on energy storage advancements.

While Tesla sold Maxwell's ultracapacitor business in 2021, it retained the intellectual property and expertise related to dry cathode technology. Elon Musk emphasized its importance as a key component in reducing battery costs.

Tesla has been working to incorporate dry cathode technology into its 4680 battery cells. These cells, introduced during Tesla's 2020 Battery Day, are designed to improve energy density, reduce costs, and streamline production.

Transitioning Maxwell's proof-of-concept into a scalable, high-quality production process required extensive engineering. Tesla has invested heavily in refining the technology to make it commercially viable.

Tesla's Cybertruck is expected to feature 4680 cells produced using dry cathode technology. This innovation aligns with Tesla's broader goals of enhancing battery performance and sustainability.

The company has ramped up production of 4680 cells at its Giga Texas facility, with improvements in energy density and reduced production waste. These advancements are critical for scaling the technology.

This innovative approach is set to redefine battery manufacturing and might have applications across various industries beyond electric vehicles.

Tata Elxsi and Minespider Launch MOBIUS+ A Blockchain-powered Battery Lifecycle Management Platform

Tata Elxsi and Germany-based Minespider have partnered to launch MOBIUS+, an advanced battery lifecycle management platform. This platform leverages blockchain technology to ensure traceability and sustainability in the battery industry.

Designed to address the growing need for sustainability, compliance, and performance optimization in the battery industry, MOBIUS+ aims to revolutionize the way batteries are managed from production to recycling.

Here are some key points about MOBIUS+:

Sustainability and Compliance: MOBIUS+ aims to optimize battery sustainability and compliance across global markets. It complies with evolving global battery passport regulatory mandates, such as the EU Battery Passport and the US Inflation Reduction Act.

Advanced Analytics: The platform integrates advanced data analytics and real-time monitoring to provide actionable insights for Original Equipment Manufacturers (OEMs) and the entire battery ecosystem.

Cost Savings and Emission Reduction: Battery passports are expected to deliver 10-20% cost savings in recycling and maintenance through predictive insights and advanced analytics. They also aim to reduce emissions across the battery lifecycle by up to 20%.

Seamless Integration: MOBIUS+ offers a seamless interface for vendors to upload and manage their data, ensuring compliance and accuracy across the supply.

This collaboration is a significant step towards creating a more transparent and sustainable battery industry.

Anil Radhakrishnan, Chief Product Officer, Tata Elxsi, said:

Our collaboration with Minespider is a commitment to drive innovation in sustainable mobility. With MOBIUS+, we aim to set a new benchmark for battery lifecycle management, providing customers with compliance-ready solutions, advanced tools, and data-driven insights to create a more sustainable and transparent future in mobility.

“Partnering with Tata Elxsi enables us to bring our blockchain expertise to a comprehensive platform that supports the industry’s drive for transparency and compliance,” said Nathan Williams, Founder & CEO, Minespider. “By embedding battery passports into MOBIUS+, we’re providing a foundation for secure, reliable data that supports global sustainability goals.”

Hyundai Group Partners Three IITs for Battery-Tech, Electrification Research, Investing $7 Mn

• Hyundai Motor Group partners with the Indian Institutes of Technology (IITs) to establish a collaborative research system in batteries and electrification
• Group plans to invest around USD 7 million over five years, starting in 2025, to jointly conduct battery and electrification-related research with the IIT universities
• The Hyundai CoE to facilitate technical and human exchanges between battery and electrification experts from Korea and India, fostering talent and promoting long-term employment

Hyundai Motor Group, on Tuesday, announced partnerships with the Indian Institutes of Technology (IITs) to establish a collaborative research system in the fields of batteries and electrification. The three institutes include IIT Delhi, IIT Bombay and IIT Madras.

Hyundai Motor Group Partners with Indian Institutes of Technology to Advance Battery and Electrification Research

Investment:

USD 7 million over five years (2025-2029) to support various research activities.

Hyundai Center of Excellence (COE):

• Location: IIT Delhi
• Objective: To drive advancements in batteries and electrification, specifically tailored to meet the unique requirements of the Indian market.
• Activities: Conducting joint research, facilitating technical and human exchanges between Korean and Indian experts, and fostering talent development.

Collaboration Areas:

• Battery Technology: Researching and developing advanced battery solutions.
• Electrification: Innovating in electrification technologies.
• Software Development: Enhancing software for electric vehicles (EVs)
• Hydrogen Fuel Cells: Exploring hydrogen fuel cell technologies.

Impact:

• EV Ecosystem: Contributing to the establishment of an EV ecosystem in India, in line with government policies for expanding EV distribution.
• Academic-Industrial Cooperation: Promoting collaboration between academia and industry to drive innovation and growth.

Hyundai Motor Group plans to contribute to the establishment of an electric vehicle (EV) ecosystem in India. This will be done in conjunction with various policies for expanding EV distribution, implemented by the Indian government. The collaboration will involve the Centre for Automotive Research and Tribology (CART), the only EV-related research institute in India, located within IIT Delhi.

The Hyundai CoE will not only conduct joint research on academic-industrial cooperation tasks but also facilitate technical and human exchanges between battery and electrification experts from Korea and India. This will involve technical exchange meetings, special IIT lectures by Group battery and electrification experts, and operation of Korean visit training programs. The Group plans to continue efforts for, fostering talent and mid- to long-term employment.

This partnership aligns with Hyundai Motor Group's efforts to expand its presence in India and support the country's transition to sustainable mobility solutions.

Lucknow Startup Making Batteries from Aloe-Vera Gel Gets ₹1.91 Cr from TBD

Technology Development Board (TDB), a statutory body by Government of India that provides financial assistance to Indian industrial concerns and other agencies, has announced in early this month that it is collaborating with Aloe Ecell Pvt. Ltd., an innovative startup rooted in Lucknow, Uttar Pradesh, to commercialize Eco-friendly-1.5V AA size Aloe Vera-based batteries.

Of the startup's Aloe-Vera batteries project valued at Rs. 2.98 crores, TDB will contribute Rs. 1.91 crores as a soft loan to Aloe Ecell amplifying the startup's project's potential to drive eco-friendly innovation to new heights.

Aloe Ecell  Partners with Technology Development Board (TDB) under the Department of Science & Technology for the commercialization of eco-friendly batteries.

The Lucknow-based startup’s ingenious approach entails the creation of an eco-friendly 1.5V AA size battery, which may help in departure from conventional counterparts laden with heavy metals and toxic chemicals. Leveraging the inherent properties of Aloe-Vera, Aloe Ecell has formulated an electrolyte that not only matches the performance of established market standards but also champions environmental responsibility.

According to a 2018 research, Aloe-Vera contains acid, which has the potential to generate electric current. While an experiment by a Malaysian university researchers revealed that the electrical energy harvested from the Aloe Vera under a specific setup condition can produce an output of 3.49 V and 1.1 mA.

The Aloe Ecell's Aloe-vera battery is NABL (IS 8144:2018) certified primary non-rechargeable battery available in AA and AAA sizes. It has been created as a safer alternative to traditional hazardous dry-cell batteries.

Additionally, the Aloe Vera Battery is carbon negative, as the Aloe Vera plants used in the production of the gel electrolyte actively capture and store carbon dioxide from the atmosphere. This helps offset the emissions associated with the battery's production, transportation, and disposal.

Moreover, the use of eco-friendly materials and manufacturing processes further reduces the battery's carbon footprint.

The startup will create facilities for commercial production of primary batteries in Bundi, Rajasthan.

Mr. Rajesh Kumar Pathak, Secretary, TDB, emphasized, "Our collaboration with Aloe ECell Pvt. Ltd. epitomizes TDB's commitment to support sustainable innovation. This partnership signifies our dedication to supporting visionary projects that blend technological advancement with environmental stewardship. As the startup forges ahead bolstered by TDB's steadfast support, it exemplifies the capability of government-industry collaboration in shaping a more sustainable and prosperous future for our nation."

Last month, TDB committed financial support of ₹ 3.81 to Bengaluru-based hardware startup TIEA Connectors Pvt Ltd. Prior to that, TBD had pledged support of ₹3.94 Crores to Pune-based Noccarc for its indigenously developed technology innovation — A Digitally Enabled Advanced Universal ICU Ventilators.

The collaboration of the TDB with Aloe Ecell is in consonance with Prime Minister Narendra Modi's visionary initiative, 'Mission LiFE' (Lifestyle for Environment).

The core objective of the project harmonizes seamlessly with 'Mission LiFE's' ethos – to introduce lifestyle choices in harmony with ecological well-being. By spearheading the cause of eco-friendly primary batteries, Aloe ECell may contribute to a cleaner, healthier environment while addressing longstanding concerns tied to the toxic composition in conventional batteries.

IISc & IIT-Bombay Alumni Founded Graphene-based Non-Flammable Batteries Startup Raises $300K from Rebalance and CIIE.CO

Bengaluru-based Dreamfly Innovations, a graphene battery startup, has raised $300,000 in a funding round led by Rebalance Angel Community, with participation from IIM Ahmedabad’s CIIE.CO (Center for Innovation Incubation and Entrepreneurship), announced Rebalance, an angel investors community, in a blog post. 

The battery-tech startup intends to utilize this capital for product commercialization and expanding its team. The startup was also the part of Rebalance’s Accelerator Cohort 05.

Currently focussing Drone and Aviation sector, Dreamfly Innovations is India’s first high-performance, non-flammable, 10x durable graphene-based battery solutions company.

Founded in 2022 by Dr. Saurabh Markendeya and Kajal Shah, Dreamfly’s flagship product, the Graphene Battery, addresses the battery-related challenges encountered by drone companies, including the risk of battery fires.

Kajal Shah, an IIT Bombay alumnus, was an Aviation technologist at GE Aviation and R&D Manager at Tata Motors. While, Dr. Saurabh Markendeya, an IISc alumnus was Electric Vehicles & Battery Architecture Expert at Tata & L&T. The founders vision is to reshape the future of energy through Software-Defined Battery (SDB) technology.

Dreamfly’s flagship product, the Graphene Battery, is set to revolutionize the Drone and Aviation industry with its extended lifespan, rapid charging, and operational cost efficiency.

Launched in 2019, Rebalance invests upto $100K through Rebalance Angel Community which comprises of 45% women who invest with it. Rebalance invests in early-stage companies with diverse founders through Rebalance Accelerator Program & Rebalance Angel Community.

Joy e-bike Establishes Its EV Ancillary Cluster with Next-Gen Cell Tech Partnership

Wardwizard leaps ahead in the EV Ancillary Cluster Vision with Next-Gen Cell Tech Partnership

Wardwizard Innovations and Mobility Ltd., a pioneering electric vehicle manufacturer in India under the brand 'Joy e-bike', has taken a progressive step in the vision of establishing its EV Ancillary Cluster by signing a long-term Original Equipment Manufacturer (OEM) agreement with A&S Power, a renowned technology provider. This strategic partnership aims to drive research, innovation, and development of cutting-edge Next-Generation Li-ion cell technology and shall play a pivotal role in making Joy e-bike the home to India’s first EV Ancillary Cluster in Gujarat.

These developments exemplify the company's constant efforts to enhance product offerings for its customers and advancing its vision of establishing an EV Ancillary .This strategic advancement is in harmony with the establishment of Wardwizard Global Pte Ltd., the R&D Centre of Excellence in Singapore. Furthermore, a notable milestone of this journey has also been the commencement of 1GWh capacity, as a part of the Phase I development of EV Ancillary Cluster and in line with fulfilling the larger vision of sustainable EV manufacturing in India.

Wardwizard Cells has successfully achieved the coveted Bureau of Indian Standards (BIS) certification for Li-ion cells manufactured at their state-of-the-art production factory, demonstrating their dedication to excellence. Following thorough in-house testing for BIS certification, Wardwizard has adopted a new configuration for cells and its electrochemical properties are more promising with a higher absolute capacity and a lesser deterioration than others over long-term cycling. This certification recognises Wardwizard's Li-ion cells for its superior quality, dependability, and adherence to industry-leading standards.

This collaboration will be extended further for ongoing research and development, as well as joint technological innovation at the Wardwizard’s Global advanced Li-ion cell Research Centre in Singapore. This collaboration will also focus on increasing the production capacity and simplifying the efficient supply of high quality next-gen Li-ion cells. A&S Power will also give technical help in the establishment of a collaborative production line, allowing Wardwizard to expand its manufacturing capabilities in India.

Mr Yatin Gupte, Chairman & Managing Director, Wardwizard Innovations & Mobility Ltd . Shared his insights on the collaboration, stating, "Our alliance with A&S Power marks a significant milestone in our mission to drive innovation and propel technological advancements in the electric vehicle industry. With our combined expertise and shared vision, we are confident to unveil new possibilities and accelerate our research endeavours, thus revolutionizing the landscape of electric vehicles in India and redefining the fabric of Li-ion cell technology. This collaboration brings us a step near to setting up the EV Ancillary Cluster in Gujarat, providing sustainable mobility solutions and shaping a greener tomorrow."

The collaboration between Wardwizard & A&S demonstrates a shared commitment to revolutionizing the energy storage landscape while solidifying India's position as a leader in sustainable mobility solutions. With cutting-edge research, technological innovation, and expanded production capacity, Wardwizard is poised to meet the surging demand for electric vehicles while advancing towards its vision of establishing an EV Ancillary Cluster and propelling the industry to new heights.

Wardwizard Innovations & Mobility Ltd. is one of India’s leading auto manufacturing companies in the Electric Vehicle (EV) segment under the brand name Joy e-bike. Being the first listed entity on BSE in Electric Vehicle manufacturing, it is mainly focused on the growth potential in the Indian EV segment to have a positive impact in the future. Given the current state of the environment, where fuel-powered vehicles account for the vast bulk of carbon emissions, the company is promoting improvement by offering cleaner, greener options that produce no emissions. With more than 10 models in its portfolio in both high and low-speed categories, the Company has established a strong presence in more than 55 major cities across India and aspires to boost this number throughout the country.

Taiwan's Gogoro to Deploy $1.5 Billion Smart Battery Infrastructure in Maharashtra

India’s State of Maharashtra and Gogoro to Partner On ‘Ultra Mega Project’ to Manufacture and Deploy Smart Battery Infrastructure that Would Exceed $1.5 Billion Over Eight Years

Maharashtra’s Ultra Mega Project Offer Outlines an Eight Year Phase 1 Investment Plan that Includes More Than $500 Million Investment in Manufacturing and $1 Billion in Smart Battery Infrastructure Deployment by Gogoro supported by Financial Incentives and Reimbursements by the State of Maharashtra.

The Project Would be One of the Largest EV Investments in India’s History and

Follows an MOU Announcement at Davos in January 2023.

The Indian State of Maharashtra and Gogoro Inc. (Nasdaq: GGR), a global technology leader in battery swapping ecosystems that enable sustainable mobility solutions for cities, today announced that the Maharashtra government had presented Gogoro with an offer letter to enter into an ‘Ultra Mega Project’ agreement to manufacture vehicles, smart battery packs and battery swap stations, and deploy an open and accessible battery swapping infrastructure in the State beginning in late 2023. The announcement was made, at a Maharashtra’s State Government press conference, by Chief Minister Shri. Eknath Shinde.

The proposed Ultra Mega Project deal would exceed $1.5 billion and include financial incentives and support from Maharashtra. The offer letter follows a MOU between Maharashtra and Gogoro that was previously announced at Davos in January 2023.

Late last year, Gogoro debuted in India market with its electric scooter and also announced its collaboration with Hero Motocorp for battery swapping infrastructure.

The Maharashtra government categorizes Ultra Mega Projects as significant strategic investments exceeding $500 million that usually result in government incentives to ensure successful project execution. Gogoro’s request for financial incentives was approved and endorsed by the Maharashtra state cabinet and the two parties expect to complete the agreement soon.

“As the leading State in India for electric vehicles, Maharashtra is demonstrating our strong commitment towards sustainable transportation for all. We are creating a smart battery ecosystem with Gogoro, a leader in sustainable vehicles and electric fuel technologies. As part of the project, Gogoro will establish its India vehicle, smart battery and battery swapping station manufacturing in Maharashtra and deploy their industry leading smart battery infrastructure in the state, generating approximately 10,000 direct and indirect jobs,” said Hon. Chief Minister Shri. Eknath Shinde.

“In line with the vision set by our Hon Prime Minister Shri. Narendra Modi, Maharashtra is fully committed to help build a green and sustainable future for our state. I am delighted to announce that today we approved an ultra mega project with Gogoro, a Nasdaq listed, global two-wheel EV company," said Devendra Fadnavis, The Deputy Chief Minister of Maharashtra. "Gogoro aims to produce two-wheel EV’s that utilize its open and accessible battery swap technology which is absolutely state of the art. We have provided Gogoro with the necessary financial and other key incentives to usher in a new paradigm shift in the way we will move people across metros and cities. The EV revolution is gripping the world and our state is not far behind in its early adoption. With this project we anticipate creating a fertile ecosystem for local manufacturers who will avail the necessary tech transfer and help create world class products for our citizens."

Gogoro plans to build a smart energy infrastructure in Maharashtra that is open and accessible and establishes battery swapping and smart battery stations as a leading source for mobility and energy storage. The deployment is also expected to accelerate job growth throughout the smart energy, electric vehicle, and sustainability value chain. Gogoro is expected to lead the increase of foreign direct investment into the state of Maharashtra in both supply chain capabilities and smart battery infrastructure.

The Global EV Battery Swapping Market Size accounted for USD 134.1 Million in 2021 and is projected to occupy a market size of USD 1,123.9 Million by 2030 growing at a CAGR of 26.8% from 2022 to 2030. 

“Building on Gogoro’s successful deployment of an open battery swapping network that supports multiple vehicle makers in Taiwan, we plan to proceed in partnership with the Maharashtra government to bring Gogoro vehicles, smart batteries and swap stations to India starting with the state of Maharashtra. We are focused on creating a domestic supplier ecosystem that allows for domestic growth and foreign market expansion,” said Horace Luke, founder, and CEO of Gogoro. “It is essential that we transform industries and infrastructure to successfully enter a new era of clean, connected mobility. We are excited to be partnering with the Maharashtra government in its vision to transform urban transportation and provide a better path forward for its residents and businesses.”

The battery swapping infrastructure expects to begin deploying across Maharashtra in late 2023 which will leverage Gogoro’s smart energy ecosystem including smart battery stations, swapping technologies, network management solutions, and will provide numerous innovations to the State, contributing in the areas of smart city design and development, energy storage stations & systems, smart mobility sharing, smart electric vehicles, demand response services and distributed energy storage, among other applications.

With more than 120 million residents, Maharashtra is India’s largest economy and industrialized State with a gross domestic product of more than US$450 billion that accounts for 16-percent of India’s industrial output.

Cautionary Statement

Finalization and implementation of the Proposed Ultra Mega Project Investment Plan is subject to, among other things, the execution of mutually agreeable definitive agreement(s), completion of due diligence, procurement of necessary funding, approval by the board of directors of Gogoro, and obtaining governmental approvals that may be required in the State of Maharashtra or elsewhere in India and Taiwan where relevant. Although both parties are actively working to finalize the agreement, there can be no assurance that a definitive agreement will be entered into, the required approval will be obtained or that the Proposed Ultra Mega Project Investment Plan will be implemented or consummated on the terms set forth herein or at all.

About The State of Maharashtra

Maharashtra is one of the 28 states within the Republic of India. Maharashtra is known as India’s growth engine due to its large contribution to India’s GDP. It is also nationally recognized as the most advanced in terms of manufacturing and services sector. Maharashtra has consistently topped India’s ranking in terms of FDI received. Mumbai, the capital of Maharashtra is a global world class city.

https://maharashtra.gov.in/1125/Home

About Gogoro

Founded in 2011 to rethink urban energy and inspire the world to move through cities in smarter and more sustainable ways, Gogoro leverages the power of innovation to change the way urban energy is distributed and consumed. Gogoro Network is a new generation of distributed smart energy infrastructure that is optimized for swappable battery refueling and architected for intelligent bidirectional demand response and energy storage that is a key building block of a smart grid. Gogoro has quickly become an innovation leader in battery swapping, energy storage, connected vehicles, electric propulsion systems, smart battery design, and advanced cloud services that utilize artificial intelligence to manage battery availability and safety. The challenge is massive, but the opportunity to disrupt the status quo, establish new standards, and achieve new levels of sustainable growth in densely populated cities is even greater. For more information, visit www.gogoro.com/news and follow Gogoro on Twitter: @wearegogoro

Bootstrapped EV Batteries Startup Neuron Energy Investing INR 50 Cr in Lithium-Ion Battery Pack Segment

The investment is planned owing to an increase in the demand for Li-Ion Batteries

Large OEM orders will account for 40 percent of the investment

Neuron Energy Private Limited, a manufacturer of lithium-ion for electric 2W and 3W in India, plans to invest INR 50 Crore in the Li-Ion battery pack segment. The investment will be split between 35 crores of working capital financing and 15 crores of equity from the promoters and strategic partners. This move by the company is to cater to the increasing demand in their order book. The increase in demand for Li-Ion batteries is a testament to the fact that there is a substantial increase in demand for electric mobility owing to the rising eco-consciousness among consumers. Neuron also has plans for backward integration into stocking raw materials and handling production along with a contract manufacturer in the near future.

Besides increasing capacity, 40 per cent of the investment will be used to fulfil orders from large OEMs. As part of their growth strategy, the company intends to focus on the battery pack business. The investment is also expected to increase cash flow considering Neuron has always been a profitable company.

Commenting on this funding, Pratik Kamdar, Co-Founder of Neuron Energy Private Limited says, “At Neuron Energy, we are committed to facilitating the transition to a sustainable and eco-friendly future for India's automobile sector. Towards our mission of transforming the EV industry, we are planning to expand our production capacity and enhance research and development. Also, in order to further the EV 2W and 3W segment in the country, we have always been focused on producing high-quality, user-friendly batteries. This investment will help us equalise the demand-supply ratio for batteries. We are confident to fulfil the increase in demand in our order book through this financing at the designated time.”

Among the advantages of Neuron's Li-ion battery product line are the microprocessor-based BMS, the 4 temperature sensors, the appropriate cell spacing for thermal management, and the Neuron App for remote assistance.

The Depot network is expected to remain the same for the next six months in Mumbai, Delhi, Chennai, and Kolkata. In the near future, Neuron may venture into battery research for deep technology as a result of the increase in its R&D team. As part of its expansion plans, Neuron has planned to construct a mega-plant by 2025 that will serve the EV2W and EV3W segments.

About Neuron:

Neuron Energy was incorporated in the year 2018, having headquarters in Mumbai, Maharashtra. Neuron Energy intends to contribute significantly to the electric mobility landscape. Neuron provides lead-acid and lithium-ion technology batteries for E-Bike, E-Rickshaws, and Golf Carts. Neuron Energy has a large export and domestic network for sales in E-Bike batteries. Our Promoters, Mr. Pratik Kamdar, and Mr. Raj Shah have spearheaded our growth story. Neuron Energy has grown from having a presence only in Mumbai to having multiple Depots & Distributors across India. Neuron Energy has increased its export footprint to the Middle East, Europe, and South-East Asia.

Innovative Battery Tech Startup Clean Electric Raises $2.2 Mn Led by Kalaari Capital

Team of Clean Electric

Clean Electric, an innovative energy storage solutions start-up, has raised $2.2M in a seed round led by Kalaari Capital, an early-stage venture capital firm based in Bengaluru.

The round also saw participation from Climate Angels, LV Fund, 7Square Ventures, and CIIE Regional Innovation Foundation. Clean Electric’s proprietary battery technology seeks to address pressing safety & performance issues for EVs like battery fires, long charging times and frequent battery replacement.

With the funding received, Clean Electric plans to set up a manufacturing facility in Pune to produce 5,000 battery packs per month.

Founded in 2020, Clean Electric manufactures, designs, develops, markets, supplies and provides after-sales of advance energy storage solutions for mobility & stationary storage applications as well as related energy infrastructure & services. The company has built liquid-cooled battery solutions for 2 Wheelers, 3 Wheelers, and Battery Swapping applications.

The company’s products have been in pilot testing with multiple vehicle OEMs across the country, having undergone more than 30,000 Kms of on-road testing. Compliant with AIS-156 Phase 2 guidelines (to be implemented from March 2023), the products are expected to be ready for certification tests before year-end.

Clean Electric also plans to use the funds towards expanding its R&D, sales, & operations teams, as well as for developing new products around Faster Charging, Renewable Energy Storage, and Battery Swapping.

Overall, EV penetration is less than 2%. In order to transition to an all-electric future, India needs robust electric vehicles and charging infrastructure. Current EVs take 3-4 hours to charge making it inconvenient for users, while unpredictable battery life makes it difficult for the NBFCs & Banks to finance these vehicles. On top of this, multiple reputed EV OEMs vehicles’ catching fire & resulting casualties have eroded the confidence of customers and created safety concerns in their mind.

Clean Electric’s proprietary battery technology seeks to address pressing safety & performance issues for EVs like battery fires, long charging times and frequent battery replacement. With the funding received, Clean Electric plans to set up a manufacturing facility in Pune to produce 5,000 battery packs per month.

Overall, EV penetration is less than 2%. In order to transition to an all-electric future, India needs robust electric vehicles and charging infrastructure. Current EVs take 3-4 hours to charge making it inconvenient for users, while unpredictable battery life makes it difficult for the NBFCs & Banks to finance these vehicles. On top of this, multiple reputed EV OEMs vehicles’ catching fire & resulting casualties have eroded the confidence of customers and created safety concerns in their mind.

“Our aim is to enable Mankind’s shift from Fossil Fuels, and batteries have been the hardest part of this transformation. By providing dependable, safe, and performant Energy Storage Solutions, we believe we can add immense value to the EV and RE ecosystems” said Abhinav Roy, Co-Founder, and CTO at Clean Electric.

“India’s EV solutions will become global postulates. Next decade is going to witness the surge of EVs, expected to grow from the current ~1.4M to ~50M by 2030. India’s expectations of efficiency, performance, and safety of batteries under diverse and extreme constraints ranging from terrain to climate will seed global innovation. Clean Electric’s direct liquid cooled battery packs will become the benchmark, offering the highest safety while maximizing its life and efficiency. IITians Akash and Abhinav have invented zero kelvin packs which have the potential to meet growing needs of today and future.” said Ravinder Singh, Partner at Kalaari Capital.

“Clean Electric is delivering on the much-needed innovation in battery technology suitable for India. The patents the team has filed introduce direct liquid cooling technology wherein the cells of the battery are 100% in contact with a coolant which ensures maximum safety (fireproof), 25-minute charging and a 1.5x longer life span. Their solutions can also be exported to several countries in the global south that are dealing with similar issues around EV safety and performance, ” said Sumeet Singh, Partner at Climate Angels.

Clean Electric is engaged inter alia, in the business of manufacturing, designing, development, marketing, supply and after-sales of advance energy storage solutions for mobility & stationary storage application and related energy infrastructure & services to accelerate mass electric vehicle usage.

Kalaari Capital is an early-stage, technology-focused venture capital firm based out of Bengaluru, India. Since 2006, Kalaari has empowered visionary entrepreneurs building unique solutions that reshape the way Indians live, work, consume and transact. The firm’s ethos is to partner early with founders and work with them to navigate the inevitable challenges of fostering ideas into successful businesses. At its core, Kalaari believes in building long-term relationships based on trust, transparency, authenticity, and respect.

Climate Angels is SEBI Cat-1 Angel AIF that invests only in early-stage pollution reduction & climate tech startups. Leading tech entrepreneurs & investors are now making climate investments through us. Some of our marquee LPs includes Vijay Shekhar Sharma (Paytm), Nipun Sahni (Apollo Global), Praveen Gandhi (Seedfund), Paula Mariwala (Aureolis Ventures) Phanindra Sama (Redbus Founder), Shailesh Vickram Singh (Massive), among 100+ others.

Ola Electric Invests in Israeli Battery-Tech Firm StoreDot

Ola Electric, the EV arm of Ola, has made an undisclosed multi-million-dollar investment in Israel-based StoreDot, a battery technology company that develops "extreme-fast charging" batteries for electric vehicles (EV), a press release said.

Storedot is bringing in XFC (extreme fast charging) technology which can charge EV battery in just 5-minutes. The company is planning to mass produce the same in a few years. The company is also working on a 2-minute charge technology that will be commercialized over the next 10 years.

The fresh funding from India's Ola comes as part of StoreDot's Series D investment round. It will be used for research and development and to accelerate the scaling up to mass production its silicon-dominant anode XFC lithium-ion cells, which will be initially capable of delivering 100 miles of range in 5 minutes of charge by 2024.

With this strategic investment, Ola Electric is planning to incorporate and manufacture StoreDot's extreme fast charging battery technologies for future vehicles in India.

StoreDot has claimed to have developed a battery for mobile phones based on organic compounds that fully charges in 30 seconds, a scooter battery based on germanium that fully charges in under five minutes, and a silicon-based electric vehicle battery that charges fast enough to add 300 miles of range in under five minutes.

However, it is to be noted that the CEO of StoreDot acknowledged in 2015 that its scientific claims  have not been scientifically peer-reviewed.

Ola is planning to set up a gigafactory to manufacture battery cells in the country to meet the demand created by the Futurefactory where its S1 and S1 Pro electric scooters are made. 

Ola had submitted bids for Advanced Chemistry Cell (ACC) battery storage under the government's PLI scheme and a recent report said that the company is eligible for the PLI exemption for the battery. The government approved the PLI scheme for ACC batteries to achieve 50 giga watt hour (GWh) of manufacturing capacity to augment the country's manufacturing capabilities with a budgetary outlay of Rs 18,100 crore.

Ipower Batteries Pvt Ltd Bags Award for Best Battery Manufacturer for EV by EV Battery Tech 2021 Organized by EMobility+

Pioneers and leading manufacturers of EV batteries in the country, Ipower Batteries has been awarded the best battery manufacturer for EV by EV Battery Tech 2021 organized by EMobility+ for the year 2021. The company has been working around manufacturing innovative battery products as solution for EV. The company specializes in record capacity manufacturing and offering tailor made solutions. The company also has pan-India after sales service with over 200+ sales and service centres.

 

Vikas Aggarwal - MD Ipower Batteries

The company with its large R&D (Govt recognized) team works on innovative and long-term solutions pertaining to different needs of various Electric Vehicle segments and businesses and offers tailor made solutions for each. They have designed innovative lithium-Ion battery solutions for Electric and smart mobility vehicles, with smart features like advanced tracking, geo-fencing and battery immobilization, remote monitoring & control features which is one of their sought-after products, highly in demand.

Elated over the achievement, Mr. Vikas Aggarwal, Founder & Managing Director, Ipower Batteries Pvt Ltd said, “We are elated that our efforts to create a long-term solution to the existing needs has been recognized and this has motivated us to build a strong supply network for such products. There is a huge existing demand for such products both at B2B and B2C level which we aim to fulfill over a period of time with our innovative research driven solutions for different segments at our state-of-the-art manufacturing unit”.

The company is determined to empower the electric mobility segment by providing smart batteries and allied solutions, in a bid to create an ecosystem to promote a pollution free future. They also offer tailor made battery solutions for 2- wheelers, 3- wheelers, OEM’s, solar energy solutions, industrial batteries, medical instrument batteries, weighing scale batteries and other segments. The company is aiming at fulfilling the demand for clean energy solutions with regards to India’s mobility and other crucial such requirements. The company’s Made in India technology has received an immense push and recognition with this award bestowed upon them as this is going to give a further push to India’s long-standing demand for such products which are ideated, engineered and developed in India.

For more information on their products and the company, please visit- www.ipowerbatteries.in

About Ipower Batteries Pvt Ltd

Incorporated in December 2019, with a full-fledged state of the art manufacturing unit in Kundli (Haryana) which has a large capacity energy storage per month, Ipower Batteries is aimed at fulfilling the need for such solutions. The company has a strong backing in R&D and experience for over three decades from its parent company which allows them to work on innovative product line for the market. The company’s manufacturing has IMS certified (ISO 9001-2015,14001:2015,45001:2018) for producing high-quality Lithium-Ion batteries. With this they are ready to become the largest Clean Energy Storage Provider in India.

IIT Hyderabad Researchers Developed Alternative for Conventional Lithium-ion Batteries

This more sustainable and low-cost Dual carbon battery may find potential uses in high voltage applications, sophisticated battery-run medical devices, regenerative braking systems in electric vehicles, and stationary grids.

Hyderabad April 05, 2021: Electrochemical Energy Storage (EES) Lab at IIT Hyderabad, under the supervision of Dr. Surendra Kumar Martha (Associate Professor, Department of Chemistry) has developed a 5V Dual Carbon Battery utilizing self-standing carbon fiber mats as both electrodes (cathode and anode). This new model sets aside the requirement of toxic, costly, and heavy transitional metals.

Energy economy based on renewable sources has been put forward as a way out to shrug off the dependence on fossil fuel. Rechargeable Lithium-ion batteries (LIBs) are projected to meet future electric mobility, electric aviation, and stationary grid energy storage targets within 2030. However, LIBs need toxic and costly metals like cobalt, nickel, manganese, etc., for functioning. Geologically unsymmetrical distribution of Lithium and cobalt along with geopolitics and unethical child labor centered on mining causes havoc fluctuations in raw material cost. It affects the market price stability of large LIB packs used in electric vehicles. In the dual-carbon battery, both the electrodes consist of carbonaceous materials, and the ions from the electrolyte intercalate and de-intercalate into the electrode matrix.

Dr. Surendra Kumar Martha

The novel dual carbon battery consisting of zero transition metal is environmentally benign. It may cut down the overall battery cost by 20-25% and is expected to curb the unpredictability in market price. The use of ubiquitous carbon as electrode active material as well as current collector replacing heavy metals brings in the aspects of lightness and flexibility. The fabricated 5.0 voltage (nominal voltage 4.6 V) cell provides an energy density of 100-watt hour per kilogram approximately and can be extended up to 150-watt hour per kilogram with further modifications. The research team believes that developed cells may find potential uses in high voltage applications, sophisticated battery-run medical devices, regenerative braking systems in electric vehicles, and stationary grids.

The leader of the investigation team, Dr. Surendra Kumar Martha, said, “The study will be extrapolated to push the energy density limits further, and their broad vision includes introducing the dual carbon system as a cheaper LIB alternative to the Indian Market.”

The research was carried out by Mr. Shuvajit Ghosh and Ms. Udita Bhattacharjee, PhD students at IIT Hyderabad, under the supervision of Dr. Surendra K. Martha, in collaboration with Oak Ridge National Laboratory (USA) and Naval Materials Research Laboratory (Mumbai, India). Naval Research Board (DRDO) supported this project.

The detailed experiments and discussions can be found in the article entitled ‘Multifunctional Utilization of Pitch‐Coated Carbon Fibers in Lithium‐Based Rechargeable Batteries - Ghosh, S., Bhattacharjee, U., Patchaiyappan, S., Nanda, J., Dudney, N.J. and Martha, S.K.’ published in Advanced Energy Material, 2021, 2100135 (DOI: 10.1002/aenm.202100135).

IIT-Hyderabad Prof. Develops Battery for Mars or Other Planetary Missions; Patent Filed for the Tech

SwarnaJayanti Fellow to work on Metal CO2 battery which can reduce payload mass & launch costs of planetary missions

Prof Chandra Shekhar Sharma, from IIT Hyderabad recently demonstrated the technical feasibility of Lithium- CO2 battery in simulated Mars atmosphere for the first time, patent filed for the technology

India's planetary missions like Mars Mission may soon be able to reduce payload mass and launch costs with the help of an indigenously developed Metal- CO2 battery with CO2 as an Energy Carrier.

Chandra Shekhar Sharma, Associate Professor from Department of Chemical Engineering, IIT Hyderabad and a recipient of this year’s SwarnaJayanti fellowship instituted by the Department of Science & Technology (DST), Government of India, will be working to develop Scientific Understanding and Technical Development of Metal- CO2 battery with CO2 as an Energy Carrier for India's Mars Mission.

Notably, rechargeable non-aqueous metal–air batteries (like lithium and sodium air technologies) attract much attention for their high theoretical energy density. However, most reported metal–air batteries are actually operated in a pure oxygen (O2) atmosphere, while CO2 and moisture in ambient air can significantly impact the electrochemical performance of metal–O2 batteries. Moreover, the Mars has only 0.1% of O2 in its atmosphere.

Prof Sharma recently demonstrated the technical feasibility of Lithium- CO2 battery in simulated Mars atmosphere for the first time. This study was published in the journal Elsevier’s Materials Letters, and an Indian patent has been filed for it. As a part of the SwarnaJayanti Fellowship, he aims to develop a working prototype of Metal (M)-CO2 battery technology and explore the feasibility of this technology in the Mars mission, particularly for the surface landers and rovers by using the CO2 gas which is abundantly available in its atmosphere. The development of Metal-CO2 batteries will provide highly specific energy density with the reduction in mass and volume, which will reduce payload mass and launch cost of planetary missions.

Another parallel aspect of this research is to develop Metal-CO2 battery technology also as a promising clean strategy for restraining the climate effects of CO2 emissions. Metal-CO2 batteries have a great potential to offer significantly high energy density than the currently used Li-ion batteries and provide a useful solution to fix CO2 emissions, which is better than energy-intensive traditional CO2 fixation methods.