Grinntech (1) is an IIT incubated startup that specializes in lithium-ion batteries for electric vehicles (EVs) and energy storage systems. The company has announced it has received 2 million USD in a close round of funding on Thursday. The startup has received funding from high net-worth individuals (HNIs) and other senior people from the automotive industry.
Grinntech has also unveiled a range of high-tech batteries that are customized to Indian conditions. The batteries have proprietary IoT-enabled BMS to power two-wheelers, three-wheelers, tractors, and other light vehicles.
Nikhilesh Mishra and Puneet Jain founded the Grinntech startup in 2013. It is an IIT Madras incubated startup working on technologies to enable rapid adaptation of EVs.
The co-founders stated that it has always been their dream to create a technologically advanced lithium-ion battery. They added that they built the battery that can adapt to Indian conditions and production systems.
The duo said that they are looking forward to catching the fast-paced growth of EV products by India’s customers.
The Market to Have Huge Potential for EV Battery Makers like Grinntech in Near Future
Grinntech startup has many investors, including Dr. V Sumantran, former Vice-Chairman of Ashok Leyland, and Lakshmi Narayan, Cognizant’s co-founder and former Vice-Chairman. The startup aims to provide high-quality batteries that are also affordable. The batteries also operate customizable and offer superior thermal management.
The Grinntech co-founders are anticipating that EV makers and customers will also require additional capabilities in the battery. It includes connectivity and battery performance analytics.
Nikhilesh further added that they are ready for future technologies with their innovative product range and sophisticated IoT-enabled BMS systems. The company has also released its statement, where they mentioned that Grinntech batteries provide the design sophistication and quality combined. It has superior performance and durability.
The Grinntech is also working on new standards such as safety, energy-density, intelligent control, long life, power management, and reliability. Apart from all these, the startup also offers custom battery development for Indian and abroad customers.
In the upcoming years, the market will give rewards to the EV battery makers with technological and operational subsistence. The combination of performance, economics, and quality of Grinntech will play an essential role in the journey ahead.
Author: Rucha Joshi
Source : https://timesnext.com/grinntech-closes-2-million-usd-from-hnis/
Date : 2020-08-29T08:32:28.000Z