Angel investment syndication platform for startups in pollution reduction and climate technology Climate Angels has invested in Clean Electric, a startup that provides energy storage solutions, and assisted it in raising $2.2 million in a seed round led by Kalaari Capital.
LV Fund, 7Square Ventures, and the CIIE Regional Innovation Foundation also participated in the round.
Clean Electric’s proprietary battery technology aims to address critical EV safety and performance issues such as battery fires, lengthy charging times, and frequent battery replacement. Clean Electric intends to use the funding to establish a manufacturing facility in Pune capable of producing 5,000 battery packs per month.
Clean Electric, founded in 2020, manufactures, designs, develops, markets, supplies, and after-sales service for advanced energy storage solutions for mobility and stationary storage applications, as well as related energy infrastructure and services. Liquid-cooled battery solutions for 2 Wheelers, 3 Wheelers, and Battery Swapping applications have been developed by the company.
The company’s products have undergone more than 30,000 kilometres of on-road testing with multiple vehicle OEMs across the country. The products are expected to be ready for certification tests before the end of the year, as they comply with AIS-156 Phase 2 guidelines (which will be implemented in March 2023).
Clean Electric intends to use the funds to expand its R&D, sales, and operations teams, as well as to develop new products centred on faster charging, renewable energy storage, and battery swapping.
EV penetration is less than 2 per cent overall. India requires robust electric vehicles and charging infrastructure to transition to an all-electric future. Current EVs take 3-4 hours to charge, which is inconvenient for users, and the unpredictable battery life makes financing these vehicles difficult for NBFCs and banks. Furthermore, multiple reputable EV OEMs’ vehicles catching fire and resulting in casualties have eroded customer confidence and raised safety concerns in their minds.
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