CleanTech - Latest News, Policies, Startup Landscape Of CleanTech In India https://inc42.com/industry/cleantech/ News & Analysis on India’s Tech & Startup Economy Thu, 31 Aug 2023 11:24:33 +0000 en hourly 1 https://wordpress.org/?v=6.0.1 https://inc42.com/wp-content/uploads/2021/09/cropped-inc42-favicon-1-32x32.png CleanTech - Latest News, Policies, Startup Landscape Of CleanTech In India https://inc42.com/industry/cleantech/ 32 32 GreenCell Mobility Bags INR 3,000 Cr Debt Funding From REC To Acquire 3,000 E-Buses https://inc42.com/buzz/greencell-mobility-bags-inr-3000-cr-debt-funding-from-rec-to-acquire-3000-e-buses/ Mon, 24 Jul 2023 18:13:37 +0000 https://inc42.com/?p=407507 Shared electric mobility startup GreenCell Mobility on Monday (July 24) said that it has secured a debt funding of INR…]]>

Shared electric mobility startup GreenCell Mobility on Monday (July 24) said that it has secured a debt funding of INR 3,000 Cr from state-owned REC Ltd (formerly Rural Electrification Corporation Limited). 

The startup will use the fresh funds to acquire 3,000 electric buses and establish a robust charging infrastructure network. The capital will also be deployed to support projects for developing alternative fuel technology buses and other battery energy storage initiatives.

The startup signed a Memorandum of Understanding (MoU) with REC for the debt funding. As per the company, the MoU will not only be applicable for existing projects but also for any future projects undertaken by GreenCell Mobility.

Under the terms of the agreement, all subsidiaries of the startup, involved in the area of electric mass mobility as a service, will be eligible to avail financial assistance from the public sector enterprise for all related activities over the next five years, up to March 2028.

“We are extremely delighted to join forces with REC Limited… With REC Limited’s financial backing, our vision of revolutionising urban mobility, minimising carbon emissions, and improving the well-being of our communities comes one step closer to reality. We pledge to conscientiously and efficiently employ these funds to build a greener, cleaner, and more interconnected future,” GreenCell Mobility MD and CEO Devndra Chawla said.

Founded in 2019, GreenCell Mobility acquires e-buses via contract manufacturing basis from vendors. It then puts these buses on the roads for both inter-city and intra-city travel. It also plans to build a platform to provide electric Mobility-as-a-Service (eMaaS). 

In November last year, the startup secured $55 Mn in debt funding from Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB)  and Clean Technology Funds (CTF) for 255 electric buses. 

GreenCell Mobility plans to invest INR 1,500 Cr to double its electric buses in India over the next year. It also plans to add 1,200 more such buses for both intra and inter-city travel, and set up necessary charging infrastructure across the country. 

Currently, GreenCell has 850 e-buses on the roads, and aims to reach the 2,000 mark by the end of this financial year. Currently, it provides services in 11 cities at intercity level and plans to add 4-5 more cities in FY24. 

The startup operates within the larger EV space which has seen big growth in the past few years. With further push from the government, the EV market is slated to grow to a size of $152 Bn by 2027, as per a report.

The post GreenCell Mobility Bags INR 3,000 Cr Debt Funding From REC To Acquire 3,000 E-Buses appeared first on Inc42 Media.

]]>
Neuron Energy Bags INR 20 Cr Funding To Make Li-ion Smart Batteries https://inc42.com/buzz/neuron-energy-bags-inr-20-cr-funding-to-make-li-ion-smart-batteries/ Wed, 12 Jul 2023 10:02:28 +0000 https://inc42.com/?p=406070 EV smart battery manufacturer Neuron Energy has raised INR 20 Cr in a pre-Series A round led by Equanimity Investments…]]>

EV smart battery manufacturer Neuron Energy has raised INR 20 Cr in a pre-Series A round led by Equanimity Investments and the Rajiv Dadlani Group. The round also saw participation from Chona Family Office (Havmor Group) and Kayenne Ventures, along with reputed family offices and HNI investors.

Founded in 2018 by Pratik Kamdar and Raj Shah, Neuron Energy offers lead-acid and lithium-ion technology smart batteries for ebike, erickshaws, and golf carts. 

The startup plans to use the freshly raised funds to execute key initiatives including ICAT Certifications. It also plans to increase the employee count by expanding its R&D team and hiring CXO’s and senior management positions.

Further, the funding will fuel Neuron’s Li-ion smart battery manufacturing for EV 2Ws and 3Ws and also aid the startup to venture into the drone space. 

Commenting on the funding, Kamdar said, “Neuron Energy is committed to serving a broader customer base with top-of-the-line, rigorously tested lithium-Ion smart battery packs, and this funding will undoubtedly propel us towards achieving that goal.”

According to the startup, this round is a major milestone, as it plans to cross the INR 100 Cr net sales revenue mark this year and achieve the target of over INR 500 Cr net sales, with robust profitability, over the next few years. 

Additionally, Neuron has expanded its export footprint to the Middle East, Europe, and Southeast Asia, and aims to capture a significant share of the EV battery market in these regions. 

Neuron sells its products across India through depots and distributors and claims to have established itself as a trusted and reliable name across the OEMs. 

Though questions have been raised on the FAME-II policy, EV startups are steadily rising on the popularity graph.

Recently, Neuron’s competitor Battery Smart raised $33 Mn funding to add 100K customers to its network by 2025, and expand its geographic footprint.

Another battery manufacturer from the US International Battery Company (IBC) reportedly met Karnataka’s Industries Minister MB Patil to discuss setting up a manufacturing plant in the state with an investment of INR 8,000 Cr.

The post Neuron Energy Bags INR 20 Cr Funding To Make Li-ion Smart Batteries appeared first on Inc42 Media.

]]>
Decoding The Growth Potential Of India’s Green Tech Startups https://inc42.com/resources/decoding-the-growth-potential-of-indias-green-tech-startups/ Sun, 09 Jul 2023 16:00:53 +0000 https://inc42.com/?p=405666 The 2023 Budget prioritised green technology, with the government highlighting the need to build momentum to reach India’s Net Zero…]]>

The 2023 Budget prioritised green technology, with the government highlighting the need to build momentum to reach India’s Net Zero targets by 2070. The ‘Lifestyle for Environment’ or ‘LiFE’ movement is its proposed vehicle for this.

It would begin with a number of government initiatives, including a Green Credit programme under the Environment Protection Act, a Green Hydrogen Mission, and other initiatives. These measures demonstrate that green technologies are no longer viewed solely as necessary to protect the environment, but also as economically beneficial. 

The government’s emphasis on sustainability could not have come at a better time. India has a fantastic opportunity to become a dominant force in green technologies. It is crucial for the government to provide substantial support to foster the growth of green tech startups. 

These startups will develop technologies to capitalise on the potential of India’s manufacturing sector, which is currently on the rise. This trend contrasts sharply with the recent wave of layoffs at major IT companies such as Amazon, Microsoft, and Accenture. 

A recent survey by FICCI showed that 70% of manufacturing capacity is being utilised, suggesting sustained economic activity in the sector. More importantly, 40% of respondents indicated plans to increase capacity. This stands in stark contrast to the recent layoffs in 2023. Tech layoffs in the first three months of 2023 have already surpassed those in the entire year of 2022. 

India can leverage the potential of its thriving tech startup ecosystem to establish globally competitive industries in electric vehicles (EVs), alternative energy, carbon capture, energy efficiency, and other critical technologies by making the right strategic decisions.

Focusing On Startups And R&D

Particular attention needs to be paid to tech startups in this endeavour as well as overall efforts to improve research and development (R&D) capacity. This dual track will help India meet its green targets for net zero, EV adoption, and renewables. 

Innovation is the need of the hour. It is not enough for products to be Made in India; they must also be Designed in India. This will ensure that the sector’s value creation is entirely captured on Indian soil. More importantly, a robust R&D pipeline will shift Indian manufacturing from being reactive and executing the designs of others to being proactive and setting the pace of innovation.

The recent budget announcement has provided a boost to existing government schemes targeting tech companies and startups, such as Production-Linked Incentives (PLIs) and sector-specific schemes like the Faster Adoption and Manufacturing of Electric Vehicles II (FAME-II) for EVs. 

The emphasis on supporting startups in logistics, infrastructure, and financial services is a welcome addition to the existing framework. Green credit programmes are also a step in the right direction, encouraging businesses to adopt sustainable business and construction practices that will result in increased energy efficiency.

Navigating Challenges In Funding & Government Programmes

However, startups face challenges that prevent them from fully utilising these schemes. PLIs, for example, are geared towards larger companies and have minimum investment requirements that may be out of reach for startups.  The government must take a more nuanced approach to ensure that these programmes are accessible to startups while also remaining effective. 

Ultimately, it is a chicken and egg problem. Startups lack the scale to invest but frequently struggle to find funding until they reach scale because traditional lenders are often hesitant to invest in early-stage companies. The budget announcement of an INR 10,000 Cr fund for startups is a positive step in this direction, but more needs to be done to ensure that funding is available to all startups, regardless of size or stage of development.

When it comes to R&D, one major challenge that startups face is competing with the resources of established companies. Often, startups lack the resources to invest in R&D, which is critical to their long-term success. 

The government can assist startups by providing funding and partnering with academic institutions and research centres. The announcement of three Centres of Excellence for AI research is a step in the right direction. Hopefully, more such centres will open with different areas of specialisation.

Despite these challenges, the potential of tech startups to drive economic progress and establish competitive local industries cannot be ignored. More support in critical areas will be required to fully realise the sector’s potential. Ensuring that funding is accessible to all startups, regardless of their size or stage of development, and providing support for R&D will be pivotal right now. The government will need to take a nuanced approach to ensure that existing schemes are made more accessible to startups without compromising their effectiveness. With the right support, India’s tech startups can be a driving force for economic progress and local industries.

The post Decoding The Growth Potential Of India’s Green Tech Startups appeared first on Inc42 Media.

]]>
EV Startup Vegh Bags $5 Mn Funding To Launch High-Speed Escooters https://inc42.com/buzz/ev-startup-vegh-bags-5-mn-funding-to-launch-high-speed-escooters/ Tue, 04 Jul 2023 08:32:53 +0000 https://inc42.com/?p=404994 Electric vehicle (EV) startup Vegh has bagged $5 Mn funding in a Pre-Series round led by an undisclosed investor. According…]]>

Electric vehicle (EV) startup Vegh has bagged $5 Mn funding in a Pre-Series round led by an undisclosed investor. According to the startup, this is a significant milestone in its ongoing $50 Mn Pre-Series fundraising round. 

Founded in 2021 by Sumeet Gupta, Pragya Goyal, Kamalchand Bothra, Ashkaran Bothra and Namrata Gupta, Vegh has a manufacturing unit in Punjab which also serves as its research and development hub and has a production capacity of 60,000 units per year.

The startup plans to use the funds to cater to Vegh’s working capital needs including the creation of a robust sales and distribution network, the expansion of its manufacturing capabilities for EV parts, and research and development. 

In addition, Vegh also plans to introduce two highly anticipated high-speed scooter models in the coming months. 

Further, the startup aims to scale up its operations to three times the current capacity to meet the growing demand and seize business opportunities.

The startup claims to have outlined a strategic plan to bolster its sales infrastructure nationwide and also increase the production of its escooter Vegh S60. 

Commenting on the development, cofounder Pragya Goyal & Sumeet Gupta said, “We are committed to our Make in India vision and are excited about the future of electric mobility. In the first phase of its expansion strategy, we aim to penetrate to 12 states with a robust sales and service network.”

Punjab seems to be actively promoting EV usages. Recently, Punjab’s transport minister Laljit Singh Bhullar announced that the state is going to offer around INR 300 Cr worth of incentives over the next three years to promote EV adoption. 

Even amid the FAME-II policy concerns, EV startups are able to bag funds. Earlier this year, escooter startup Zypp Electric raised $25 Mn in a mix of equity and debt. 

However, owing to the FAME-II hiccups, the registration of two-wheeler EVs fell 56% month-on-month (MoM) to 45,734 units in June.

The post EV Startup Vegh Bags $5 Mn Funding To Launch High-Speed Escooters appeared first on Inc42 Media.

]]>
45 Cleantech Startups Working Towards Making India’s Future Cleaner & Greener https://inc42.com/features/cleantech-startups-that-offer-sustainable-lifeways-without-compromising-on-growth/ Mon, 05 Jun 2023 11:15:50 +0000 https://inc42.com/?p=286554 June 5 is celebrated as World Environment Day every year to remind us about the mindful usage of natural resources…]]>

June 5 is celebrated as World Environment Day every year to remind us about the mindful usage of natural resources along with reinforcing the message of protecting the Earth. The day is observed to educate masses on the protection of the environment, flora and fauna and restore damaged ecosystems as well.

We all agree that there is a dire need to find new ways to live a more sustainable life without compromising on the country’s growth and development. Indian cleantech startups have come up with new ideas to power existing clean energy technology and are doing their bit to save the environment in their own ways.

On the occasion of World Environment Day, Inc42 has compiled a list of 45 cleantech startups, which have come up with out-of-the-box solutions to contribute to India’s clean energy goals. From startups dealing with rooftop solar energy or those focussing on biomethanation technology to solve organic waste management to those providing solutions to clean and purify air and water, the list has it all. Take a look!

The list below is not meant to be a ranking of any kind. The startups have been listed in alphabetical order.

List Of Cleantech Startups In India

75F

  • Founded In: 2012
  • Founders: Deepinder Singh, Pankaj Chawla
  • Funding Raised To Date: $25 Mn
  • Investors: Siemens AG, Breakthrough Energy Ventures, Climate Initiative, Building Ventures, Revolution, Clean Energy Trust, WIND Ventures
  • Headquarters: Bengaluru

75F offers smart building solutions such as wireless sensors, equipment controllers and cloud-based software, delivering predictive, and proactive building automation. 

75F’s products mainly predict, monitor and control hot and cold spots of a building and thus, avert damages to the edifice. 

At the beginning, the startup focused on the commercial real estate market but in 2015, it also started providing HVAC (heating, ventilation and air conditioning) solutions. 

It works along with facility management companies, systems integrators and energy service companies to add more properties within its umbrella. Besides, it also outsources manufacturing units in the US, India and China. 

In July 2021, it reportedly secured $5 Mn in a Series A funding round from Siemens AG. With this, the startup raised a total of $28 Mn alone in Series A financing round.

Its cap table includes Breakthrough Energy Ventures, Climate Initiative, Clean Energy Trust and WIND Ventures, among others. 


Ace Green Recycling

  • Founded In: 2019
  • Founders: Nishchay Chadha, Vipin Tyagi
  • Funding Raised To Date: $10 Mn
  • Investors: Circulate Capital, Climate Angels, Newchip 
  • Headquarters: Singapore

Ace Green Recycling is a battery recycling startup, which claims to have developed clean and efficient lead-acid battery recycling technology.

Its battery operates at room temperature, contains zero air emissions, and wastes and reduces heavy metal emissions, resulting in significantly lower environmental damage, the startup said. 

Further, the cleantech startup has said it is working on the commercialisation of lithium-ion battery recycling in an environmentally sustainable manner.

Battery recycling technology startup secured more than $7 Mn in a funding round led by Circulate Capital and Climate Angels in February 2022. 

Adding this round, the startup’s total fund raised stands at $10 Mn so far, according to the startup.

The startup is planning to develop its li-ion reusable technology and expand the 30-member team to 50 in the coming months. The startup is also focusing on developing fossil fuel-free li-ion battery recycling technology.


AirOk

  • Founded In: 2015 
  • Founders: Deekshith Vara Prasad, Pavan Reddy Yasa, Vanam Sravan Krishna
  • Funding Raised To Date: Undisclosed
  • Investors: Ncubate Capital Partners
  • Headquarters: New Delhi

AirOk has developed a patented air filter called EGAPA that is capable of removing 99.7% of air pollutants from the environment. The filter is designed to target cancer cells and break down air pollutants such as viruses, VOCs, bacteria, and mould, as claimed by the company.

In addition to air filters, AirOk offers a range of products, including air purifiers, air purifier filters, face masks, purifying bags, data centre solutions, and pollution seizure solutions.

According to its financial report for FY21, the company generated operating revenue of INR 1.94 Lakh, but also reported a loss of INR 2.25 Lakh.

AirOk has secured investment from Ncubate Capital Partners, a VC fund based in Gurugram.


Buyofuel

  • Founded In: 2020
  • Founders: Kishan Karunakaran, Venkateswaran Selvan, Sumnath Kumar, Prasad Nair
  • Funding Raised To Date: $1.6 Mn
  • Investors: IPV, VCATS, Gruhas Proptech, LV, Lead Angels Fund
  • Headquarters: Coimbatore

Coimbatore-based BuyOFuel aggregates biofuel suppliers, consumers and waste generators (waste biomass is converted to biofuels).

It claims that 90% of its users are active and repeat customers, and the business has clocked a 2x increase in monthly revenue since May 2022. The cleantech platform saw transactions involving 30K million tonnes (MT) of waste and biofuels since May, substituting 10K MT of fossil fuels.

It has raised $1.6 Mn (INR 13.22 Cr) to date, from investors including IPV, VCATS, Gruhas Proptech, LV and Lead Angels Fund.


Chakr Innovation

  • Founded In: 2016 
  • Founders: Kushagra Srivastava, Arpit Dhupar, Bharti Singhla
  • Funding Raised To Date: $3.6 Mn
  • Investors: Neev Fund II, Indian Angel Network, ONGC, Parampara Capital, Globevestor
  • Headquarters: Delhi NCR

Chakr Innovation offers an emission control device that checks pollution at the source and captures harmful particulate matter emissions. 

The cleantech startup claims its products are coupled with exhaust and absorb over 80% of the particulate matter emitted by diesel engines. 

Chakr Innovation’s device Chakr Shield claims to collect 90% of particulate matter emissions from the exhaust of diesel generators without causing any adverse impact on the diesel engine. The collected emissions are used to create the ink. 

According to the startup, the Chakr Shield can significantly reduce particulate matter (PM2.5 and PM10), carbon monoxide and hydrocarbon emissions after retrofitting the tailpipe of the DG set.

Last year, Delhi’s upscale mall Select CityWalk installed Chakr Shield to reduce pollution from the DG sets by up to 80%. The shield would help reduce annually an estimated 378 kg of PM or black soot emissions which is equivalent to more than 174 tonnes of carbon dioxide emissions or the carbon sequestered by 228 acres of forest in one year alone, said Chakr’s cofounder Bharti Singhla. 

Chakr Innovation raised an undisclosed amount in Series B round from Neev Fund II in November 2021. 

The startup has raised multiple rounds of funding, including a Series A round of INR 19 Cr led by IAN Fund and ONGC. It had also raised seed capital from Parampara Capital and Globevestor. 

Chakr Innovation will be working on other technology solutions including Metal-Air battery technology. The startup plans to scale its production and expand its operations across more than 12 cities in future.


Clairco

  • Founded In: 2018
  • Founders: Aayush Jha
  • Funding Raised To Date: $572.6K
  • Investors: AngelList, Max Group, Sanjiv Bajaj, Anicut Angel Fund
  • Headquarters: Bengaluru 

Clairco is an Internet of Things (IoT) startup which enables air quality monitoring and purification. It uses low-drag air filters which can be retrofitted to any type of air conditioning and turn them into air purifiers. 

According to Clairco, it has developed this patent-pending air purification system in-house. It analyses air quality data of a particular premise on a real-time basis and installs ultra-low resistance air filters in existing air conditioning units. This is then converted into a smart air purification system. 

It helps businesses ensure clean air in an affordable and measurable way by adding air purification to existing AC systems. It offers a filter technology for up to MERV-13 filtration with a low-pressure drop, monitors PM2.5, PM10, CO2, VOC, and other air quality parameters, and maintains optimal health of air filters and purifiers in any season.

For its monetisation plan, Clairco charges its customers a monthly subscription fee for businesses of all sizes and scales. 

Clairco raised INR 4.2 Cr in angel funding in March last year. The round was led by Sanjiv Bajaj (Bajaj Capital) at Anicut Angel Fund. Investors including Max Group and Angel List also participated in the round. 

The cleantech startup is looking to expand its footprint to key cities across the country. It is also looking for product development and growth.


CleanMax Enviro Energy Solutions

  • Founded In: 2011
  • Founders: Kuldeep Jain, Sushant Arora
  • Funding Raised To Date: $188.2 Mn
  • Investors:  IFU, Warburg Pincus, UKCI, International Finance Corporation 
  • Headquarters: Mumbai

Rooftop solar startup CleanMax is a sustainability partner to corporations and develops solar and wind projects under the Build Own Operate model by providing renewable electricity under long-term agreements, creating significant savings for end-users.

The startup currently serves more than 150 customers, including Facebook, Adobe, Cargill Foods, Volvo, Tata Group, Mahindra Group, Grasim, MG Motors and others.

The Danish Investment Fund for Developing Countries (IFU) invested $34 Mn in the renewable energy startup in December 2021. 

The investment in CleanMax is IFU’s second within renewables in India, following the signing of the India-Danish Green Strategic Partnership in 2020 by Prime Minister Narendra Modi and Danish Prime Minister Mette Frederiksen.

CleanMax signed a deal with social media giant Facebook last year to co-running a portfolio of wind and solar projects across India that will supply clean energy to the electrical grid. 

In India, the startup has new investments lined up in solar, wind and wind-solar hybrid projects in states, including Karnataka, Gujarat, Maharashtra, Haryana, Uttar Pradesh and Tamil Nadu, to serve the needs of corporate customers.

CleanMax is planning to accelerate its growth in the commercial and industrial renewable energy space in India, as well as in the Middle East and in South East Asia. 


Devic Earth

  • Founded In: 2018 
  • Founders: Shaguna Sinha, Srikanth Sola, Shivani Sinha Sola
  • Funding Raised To Date: $1.36 Mn
  • Investors: Blue Ashva Sampada Fund
  • Headquarters: Bengaluru

Cleantech startup Devic Earth creates scalable solutions with ‘Pure Skies’, its air pollution control equipment for industries and large areas. Pure Skies improves air quality. 

The Pure Skies tech system reduces specific pollutants like particulate matter to less than 10 microns (both PM10 and PM2.5). The air quality index typically improves in heavily polluted areas in less than three months.

Pure Skies comes with an intelligent wifi-based technology to handle airborne gaseous and particle pollutants across industries, homes, and cities. A single push of a button can help remove 40-50% of nano-sized particles at <20µm.

Pure Skies has been installed with companies operating in sectors including steel, cement, hotels, mining, and manufacturing. It claims the product also addresses challenges arising out of polluting events such as crop burning, forest fires, and construction.

The green technology startup raised its first institutional funding of INR 10 Cr last year from Blue Ashva Sampada Fund.

Devic Earth is planning to expedite more growth, and product roadmaps, and expand its operational presence in the country as well as global markets.


EdgeGrid

  • Founded In: 2020
  • Founders: Sunil Talla, Prasad Yerneni, Mushtaq Ahmed, Neeraj Sansanwal, Vamsi TP
  • Funding Raised To Date: $6 Mn  
  • Investors: Lightrock India, Theia Ventures
  • Headquarters: Hyderabad

EdgeGrid is a B2B cleantech platform that transits energy to last-mile customers such as households, small businesses, commercial building owners and EV charging stations.

The startup mainly uses the Internet of things (IoT), AI and industry innovation to resolve energy-related problems in various industries. 

It claims that it enables customers to consume energy efficiently and also works with energy distribution companies to save costs and expand renewable energy in the ecosystem.

In March this year, it secured $6 Mn in a fundraising round led by Lightrock India. Theia Ventures and some angel investors also participated in the round. 

In July, it reportedly partnered with Andhra Pradesh Central Power Distribution Co Ltd to help transmission and distribution companies in the state in saving power purchasing costs.


Freyr Energy

  • Founded In: 2014
  • Founders: Saurabh Marda, Radhika Choudary
  • Funding Raised To Date: $4.6 Mn 
  • Investors: Total Carbon Neutrality Ventures, Schneider Electric Energy Access Asia, and C4D Partners
  • Headquarters: Hyderabad 

Freyr Energy is a rooftop solar expert for residential and commercial solar solutions. It also caters to micro, small and medium enterprises (MSME) sectors, catering to customers across 22 states in India.

Freyr Energy is working to bring much-needed consolidation in the green energy sector.

The cleantech startup has come with its app, SunPro+, through which it has made the process of owning a solar system simple and seamless. The entire process of owning the system including financing, execution, and after-sales service, has become easier with the app.

Freyr Energy raised INR 18 Cr as an equity investment in April 2021 from Total Carbon Neutrality Ventures, Schneider Electric Energy Access Asia, and C4D Partners.

The cleantech startup is working towards mass-market adoption of solar energy, and looking to accelerate growth and enhance its customer experience.

Its focus would be to accelerate growth and enhance the customer experience in future.


Gegadyne Energy 

  • Founded In: 2015 
  • Founders: Jubin Varghese, Ameya Gadiwan
  • Funding Raised To Date: $5 Mn
  • Investors: V-Guard, Mumbai Angels 
  • Headquarters: Mumbai 

Gegadyne Energy develops eco-friendly alternatives to conventional lithium-ion batteries. Its battery consists of nano-material composites and advanced battery architectures to enable quick charging with high energy density similar to lithium-ion batteries.

Gegadyne’s batteries charge from 0 to 100% in around 15 minutes; unlike lithium-ion batteries that take hours to recharge. The price range of the battery pack will be at par with lithium-ion batteries and will drop further as the economy of scale kicks in, as per the startup.

The batteries are aimed to be a direct replacement for existing use cases and will be available in the cylindrical, pouch and prismatic forms, according to the startup.

Electric vehicles are the main focus of the startup. However, these batteries can be used in any other consumer devices, telecom towers, and stationary energy storage systems.

Gegadyne Energy raised $4.5 Mn from V-Guard Industries in a Series A round of investment in January 2021.  

The founders said that the startup is planning to expand its operations and set up a battery research lab in India. It also plans to build a pilot plant to service its contract with selected OEMs.


GPS Renewables

  • Founded In: 2012 
  • Founders: Mainak Chakraborty, Sreekrishna Sankar
  • Funding Raised To Date: $23 Mn 
  • Investors: Neev Fund II, Hivos-Triodos Fund, Caspian
  • Headquarters: Bengaluru 

GPS Renewables focuses on biomethanation technology to solve the organic waste management challenge, accelerate the substitution of fossil fuel with bioenergy and mitigate climate change.

The startup has a captive biogas product called the ‘BioUrja’, and GPS renewables claim to have more than 100 BioUrja installations across South Asia.

GPS Renewables commissioned a BioCNG plant based on Source Separated Organics (SSO) in Indore. The plant, which is Asia’s largest in its class, was inaugurated by Prime Minister Narendra Modi in February 2022 and is set up over 15 acres of land.

The biogas plant is expected to produce 17 tonnes of BioCNG every day from 550 tonnes of organic household waste. GPS Renewables aims to power 400 city buses in Indore with the BioCNG generated from the plant.

The cleantech startup raised $3 Mn in a Series A funding led by Hivos-Triodos Fund and Caspian in 2020. GPS Renewables closed undisclosed funding in a Series B round in March 2022 from Neev Fund II, managed by SBICap Ventures. 

The cleantech startup is working to complete the world’s largest BioCNG plant in Hyderabad, in partnership with development partners from Japan. It aims to accelerate the substitution of fossil fuels with bio-energy.

The startup aims to expand its research and development centres and support its next phase of growth and expansion.


Greenjoules 

  • Founded In: 2018
  • Founders: V Radhika, VS Shridhar, S Viraraghavan, R Sethunath
  • Funding Raised To Date: $4.5 Mn
  • Investors:  Blue Ashva Capital 
  • Headquarters: Pune

Greenjoules specialises in making renewable biofuels, which are curated entirely from agri-residue and renewable waste from agro-processing industries. 

The biofuel can be used for industrial applications (to power boilers, gensets) and commercial applications (diesel vehicles). Greenjoules claims to utilise non-food and non-feed wastes to manufacture biofuels.

The manufactured biofuel meets the same IS1460 standards that petroleum and diesel also follow.

According to Greenjoules, its biofuel can be used without any modification with the current diesel engines, gensets or boilers in use. This makes its product a direct replacement for petroleum or diesel.

The cleantech startup is serving various large enterprise customers from its biorefinery in Chakan, Pune. It now plans to significantly scale up production by setting up a large facility near Pune to cater to the increasing demand for green diesel.

Greenjoules raised $4.5 Mn in its Series A funding round last year in June from Blue Ashva Capital. The funds raised are a combination of equity and debt.

Greenjoules will focus on growing its current product range but also on developing a portfolio of high-energy density liquid and gaseous biofuels. It will also focus on new research and development initiatives in future. 


Greenko Group

  • Founded In: 2004
  • Founders: Anil Chalamalasetty, Mahesh Kolli
  • Funding Raised To Date: $6.7 Bn
  • Investors: GIC, Abu Dhabi Investment Authority, Deutsche Bank, JP Morgan, DBS Bank, Barclays  
  • Headquarters: Hyderabad

Greenko is a cleantech startup, that enables sustainable and affordable energy, with a net installed capacity of 7.5 GW across 15 states in India. It provides utility-scale, clean and affordable energy to customers. 

Greenko has been opting for the green bond route in the past to raise funds for developing sustainable energy projects. It is developing state-of-the-art three multi-gigawatts scale integrated renewable energy storage projects with national grid connectivity in Karnataka, Andhra Pradesh, and Madhya Pradesh. 

Greenko has raised funding from GIC, Abu Dhabi Investment Authority, Deutsche Bank, JP Morgan, DBS Bank, and Barclays.   

These projects will harness the power of solar, wind resources with digitally connected storage infrastructure to provide round-the-clock power to the grid.

Last month, global steel and mining firm ArcelorMittal partnered with Greenko to develop a round-the-clock renewable energy project with 975 MW of nominal capacity. The project will be owned and funded by ArcelorMittal. 

Greenko will design, construct and operate the renewable energy facilities in Andhra Pradesh. The project commissioning is expected by mid-2024.


h2e Power Systems

  • Founded In: 2011
  • Founders: Siddharth R Mayur, Amar Chakradeo, Bhavana S Mayur
  • Funding Raised To Date: $200K
  • Investors: Poonawalla Group
  • Headquarters: Pune

h2e offers clean and green energy solutions including green hydrogen, alternate e-fuels, H2E Power Box, H2E Power RES and industrial solutions to masses. 

The startup follows the CRS (conserve, replace, sustainable and scalable) program, which is central to the system. In 2020, it acquired Swiss company Hexis AG for an undisclosed amount.

In the financial year 2021-22, it reported operating revenue of INR 5.50 Cr in FY22, down 54% from INR 11.93 Cr in the previous fiscal year (2020-21). Meanwhile, its losses stood at INR 3.9 Lakh in FY22 as compared to INR 2.3 Lakh in FY21.


Hygenco

  • Founded In: 2020
  • Founders: Amit Bansal, Anshul Gupta, Aashish Gupta
  • Funding Raised To Date: $25.4 Mn
  • Investors: Neev II fund
  • Headquarters: Gurugram

Hygenco develops green hydrogen and green ammonia production assets for commercial purposes. 

The startup’s LinkedIn profile says Hygenco’s team holds a combined experience of more than 30 years in construction, renewables, operations & maintenance, investment banking and private equity.

In October, the startup received $25.4 Mn in funding from the private equity fund Neev II fund. During that time period, it said that it plans to invest more than $300 Mn in developing green hydrogen projects across the country in the coming three years.

Prior to that, it inked an offtake agreement with Indian steel company Jindal Stainless to build a multi-megawatt green hydrogen facility. With this plant, the startup would help Jindal to reduce carbon emissions by nearly 2,700 metric tonnes annually.


Inficold

  • Founded In: 2015
  • Founders: Himanshu Pokharna, Nitin Goel
  • Funding Raised To Date: $9 Mn
  • Investors: RVCF, Shell Foundation 
  • Headquarters: Delhi NCR 

Cleantech startup Inficold provides cold storage solutions to its customers. The current product portfolio consists of modular cold storage, instant and bulk milk coolers. It provides round-the-clock cooling with just seven hours of grid/solar power. 

Inficold claims to have developed a retrofittable thermal energy storage technology for storing cooling in a low-cost medium such as water to ice.

The technology is designed to use solar electric energy to make ice, and later use it for cooling purposes. Inficold’s products enable the application of thermal storage for virtually any cooling needs — be it milk, cold storage, air conditioning, and vaccine refrigeration — without making any major modifications to existing cooling hardware. 

The startup raised INR 6.5 Cr in a funding round last year from RVCF and other undisclosed HNIs as a part of its Pre-Series A funding round. 

The startup has installations in more than 17 states of India with a strong presence in northeastern states, including Assam, Meghalaya, and Tripura. Inficold claims that it is aggressively ramping up its production capacity by more than 10 times.

The increased capacity will allow it to cater to the demand with a minimised lead time for the customer, it said. 

The startup is planning to expand its overall manufacturing, sales, and servicing capabilities. Its future plan is to penetrate dairy, horticulture, poultry, meat, cold logistics and air conditioning segments across India. 


ION Energy

  • Founded In: 2016
  • Founders: Akhil Aryan, Alexandre Collet
  • Funding Raised To Date: $4.6 Mn
  • Investors: YourNest Venture Capital, Riso Capital, Venture Catalysts, Climate Pledge Fund, Climate Capital
  • Headquarters: Mumbai 

ION Energy builds advanced electronics and software platforms for new energy companies. The company’s flagship product so far has been its Battery Management System (BMS), which enables OEMs/Battery Pack Makers to deploy smart battery systems.

In 2019, the cleantech startup launched Altergo (previously called Edison Analytics), a digital twin platform for battery intelligence. Altergo now manages 700+ MWh of battery storage in the cloud.

ION currently supplies to 75+ OEMs across 15 countries including India, France, Spain and the US. Since its inception, ION Energy claims to have deployed more than 60,000 smart BMS in electric vehicles and stationary storage systems. 

The startup raised $3.6 Mn in Pre-Series A funding in July 2021 from Climate Pledge Fund, joined by Silicon Valley-based Climate Capital, early-stage investor YourNest Venture Capital, Riso Capital, Venture Catalysts, and other angel investors. 

This startup is looking to expand its product development and the software business in other countries. 


Log9 Materials 

  • Founded In: 2015
  • Founders: Akshay Singhal, Kartik Hajela, Pankaj Sharma
  • Funding Raised To Date: $65 Mn
  • Investors: Metaform Ventures, Exfinity Venture Partners, Surge Ahead, Petronas Ventures, Incred Financial, Unity Small Finance Bank, Oxyzo Financial Services, Western Capital Advisors, Amara Raja Batteries
  • Headquarters: Bengaluru

Battery technology startup Log9 Materials is a graphene research and development startup that accelerates the commercialization of graphene nanotechnology. Their first developed product of this technology is ‘smoke-safe’ which is a cigarette that reduces the risk of getting cancer by 90%.

Log9 Materials has developed technology for both stationary and automotive applications such as electric vehicles (EVs). Aluminium fuel cells are aluminium-air batteries (AI-air batteries) that produce electricity from oxygen and aluminium reactions. The technology used in the battery is similar to the hydrogen fuel cell but more economical, safer and scalable.

In January, it secured $40 Mn funding in its Series B round led by Amara Raja Batteries Ltd. Prior to this, it raised $3.5 Mn funding in Series A round led by Exfinity Venture Partners and Sequoia Capital India’s accelerator programme Surge.

In April last year, it inaugurated its indigenously-developed cell manufacturing facility at Jakkuru in Bengaluru. 

It has been working on unique cell chemistry for its RapidX battery packs powered by InstaCharge technology, which offers nine times faster charging, better performance, and battery life as compared to conventional lithium-ion electric vehicle batteries.

It aims to achieve at least 50MWh of peak cell production capacity in the next year, and scale it to over 5GWh in the next three to five years, Log9 Materials said in a statement.


Lohum 

  • Founded In: 2017
  • Founders: Rajat Verma, Justin Lemmon and Gazanfar Safvi 
  • Funding Raised To Date: $7 Mn
  • Investors: Baring Private Equity Partners, Talbros 
  • Headquarters: Delhi NCR

Lohum is a lithium-ion (Li-ion) battery pack manufacturer and battery materials (cobalt, lithium, nickel, etc) recycler. 

The cleantech startup addresses battery business across three cycles, first life with new batteries for two and three-wheeler original equipment manufacturers (OEMs) and stationary applications including for UPS and telecom, second life, which enhances the life of existing batteries, and lastly, end-of-life management offering recycling solutions. 

Given the government’s focus on setting up giga factories in India, the startup sees a huge unfolding opportunity to provide the entire lifecycle management solutions.

The startup claims to generate 80% of its revenue from sales of EV batteries to solar plants, electric two and three-wheeler companies, while 10% comes from the energy storage system (ESS) and 10% from its recycling business.   

The recycling startup Lohum raised $7 Mn in a fresh round of funding from institutional investors led by Baring Private Equity Partners in January 2021.

Lohum has plans to expand its manufacturing capacity of lithium-ion batteries from 300 MWh to 1000 MWh (1 GWh) and its recycling capacity 10 times, from 1,000 tonnes per annum to 10,000 tonnes per annum.


Loom Solar

  • Founded In: 2018
  • Founders: Amod Anand, Amol Anand 
  • Funding Raised To Date: $2 Mn
  • Investors: Social Investment Managers and Advisors
  • Headquarters: Delhi NCR 

Loom is a B2C solar startup that offers solar panels, lithium batteries, solar inverters, solar wires, panel stands and charge controllers. It operates in both online and offline channels. 

Apart from offering solar solutions, the startup also provides a credit facility to consumers to procure products at a 0% interest rate. In January this year, it secured $2 Mn in funding from Social Investment Managers and Advisors (SIMA) under the energy access relief fund.

It operates one manufacturing unit and has a presence in 500 Indian districts. As per its website, the startup manages 100 employees. 

In FY2021, its revenue stood at INR 35 Cr and of this, 60% was accounted for solar panels. It aims to expand its energy storage solutions and grow its market share from 1% to 5% by 2025. 

It also claimed to have connected with 10,000 resellers and looks to partner with strategic investors in the future.


Metastable Materials

  • Founded In: 2021
  • Founders: Shubham Vishvakarma, Saurav Goyal Manikumar Uppala
  • Funding Raised To Date: Undisclosed
  • Investors: Sequoia Surge, Speciale Invest, Theia Ventures, Akshay Singhal, Archana Priyadershini
  • Headquarters: Bengaluru

Founded in October 2021, Metastable Materials claims to have developed the world’s first, chemical-free integrated carbothermal reduction process for recycling and extracting valuable materials, such as copper, aluminium, cobalt, nickel and lithium from Li-ion batteries.

The startup opened a 21,000 sq ft urban mining facility located on the outskirts of Bengaluru in October 2022. The facility can process 1,500 tonnes of material annually, which accounts for up to 6% of India’s recycling demand for Li-ion batteries.

It has raised an undisclosed amount of funding recently from Sequoia’s Surge, as part of its Surge 08 cohort. 


MYSUN

  • Founded In: 2016
  • Founders: Gagan Vermani, Gyan Prakash Tiwari, Ashit Maru
  • Funding Raised To Date: $9 Mn
  • Investors: Tata Cleantech Capital, General Catalyst 
  • Headquarters: Delhi NCR

MYSUN is a technology-backed B2B2C rooftop solar platform providing hyperlocal end-to-end solar solutions and long-term maintenance services. It provides solar energy to industries, small and medium enterprises/medium small and micro enterprises, and homes.

The cleantech startup is creating a network of clients/buildings (residential, industrial and commercial customers) across 100 cities (Tier 1/2/3). Last year, MYSUN bagged 140-megawatt  open-access solar power projects from Uttar Pradesh Power Transmission Corp Ltd. 

Under its new asset vehicle MYSUN+, it is expanding its presence across states such as Uttar Pradesh, Rajasthan, Maharashtra, Gujarat, Madhya Pradesh, Andhra Pradesh, Tamil Nadu and Delhi NCR. The cleantech startup is already in early-stage development of more than 220 MW of projects under the captive/ open access mechanisms.

In July 2021, the firm raised INR 15 Cr from Tata Cleantech in debt funding to expand its pipeline of projects.

MYSUN is looking to improve its technology infrastructure, scale up its service offerings, and expand to newer geographies, both in India and globally, including parts of the Middle East, Asia-Pacific, and Africa.


Nepra

  • Founded In: 2011
  • Founders: Sandeep Patel, Dhrumin Patel, Ravi Patel
  • Funding Raised To Date: $24.5 Mn 
  • Investors: Aavishkaar Capital, Circulate Capital, Asha Impact 
  • Headquarters: Ahmedabad 

Nepra Resource Management Private Limited offers an integrated, efficient and scalable waste management solution that connects all stakeholders along the value chain, from municipalities to informal waste pickers, as well as recyclers and brand owners.

Nepra processes over 500 tonnes of dry waste every day across Ahmedabad, Indore and Pune with the help of 1,700 collectors. The cleantech startup claims to have positively impacted the lives of 5K people at the very bottom of the waste management industry over the last eight years.

The dry waste management startup raised $18 Mn in Series C funding from Aavishkaar Capital and Circulate Capital in 2020.

The cleantech startup claims to bring transparency and scalability to the highly unorganised waste management sector in the country. 

The startup plans to expand its capacity generation and manage dry waste across more cities in India. It plans to expand to 25 cities in India by 2025. 


NewTrace

  • Founded In: 2021
  • Founders: Prasanta Sarkar, Rochan Sinha
  • Funding Raised To Date: $6.6 Mn
  • Investors: Speciale Invest, Micelio Fund
  • Headquarters: Bengaluru

Newtrace develops batteries and electrolysers for producing green hydrogen for industries. Prior to founding the startup, both founders have completed PhD degrees in engineering disciplines. 

In July, the startup secured $1 Mn in a pre-seed funding round led by Speciale Invest and Micelio Fund. Angel investors also have participated in the funding round. In May, the startup picked up another $5.6 Mn in seed funding. 

During that time period, it wanted to build electrolyzers offering 1 megawatt (MW) by 2025 and further increase the capacity of electrolyzers to 10MW by 2027. It further looks to help varied industries such as petrochemical, ammonia, mobility, energy and steel, among others reduce their carbon footprint. 

As per the startup’s website, it is currently pilot-testing its products. Back in 2021, it tested its first prototype at IIT Madras and before that, it got shortlisted for a pre-incubation programme led by NSRCEL and Maruti Suzuki. 


Offgrid Energy

  • Founded In: 2018
  • Founders: Rishi Srivastava, Tejas Kusurkar, Brindan Tulachan, Ankur Agarwal
  • Funding Raised To Date: $1.3 Mn
  • Investors: Shell Ventures, Ankur Capital, APVC 
  • Headquarters: Kanpur 

Energy tech startup Offgrid has developed a rechargeable zinc-carbon battery that outperforms available battery technologies in terms of power density, life and cost. 

Offgrid has more than 15 patents, designs and trademarks to its name, with a primary focus on renewable energy storage, microgrids, electric vehicle charging and grid applications in utilities.

The startup’s flagship product, ZincGel Battery technology has energy efficiency at par with a lithium-ion battery. It has twice the life cycle and negligible operational cost — thereby saving up to 30% cost for energy storage projects. Alternatively, existing lead-acid manufacturers can make ZincGel batteries easily with available equipment.

In February 2022, Offgrid raised undisclosed funds from energy solutions giant Shell, venture capitalists Ankur Capital and APVC to take its flagship product rechargeable zinc-based battery ZincGel to the market.

The startup has previously raised a small angel round from overseas investors and was seed-funded by Shell India.

The cleantech startup plans to cater to multiple industries such as renewables, microgrids, electric vehicles and utilities through its different variants of zinc-carbon batteries.


Oorjan Cleantech

  • Founded In: 2014
  • Founders: Roli Gupta, Das Gautam 
  • Funding Raised To Date: $450K
  • Investors: Aditya Sharma, Globevestor, Nisha Pillai, Mayur Bhat, Sayandev Chakravartti
  • Headquarters: Mumbai

Solar energy startup Oorjan offers solar on-grid systems, ranging from 1kWp to 10kWp, to residential, commercial and industrial use cases. Besides this, it also operates three verticals–SolarSME, Greenstitute and Greenjobs. 

Under its SolarSME, the startup helps small and medium-sized enterprises to kick start as well as promote their solar businesses. It additionally provides credit facilities to individual consumers and PPA financing to commercial customers.

Under Greenstitute, it offers certified courses on solar energy and systems to students in association with academic institutions. On the other hand, Greenjobs acts as an online job portal connecting job seekers with companies. 

In 2017, it raised $450K in seed funding led by venture capital firm Globevestor. Chakravartti, Aditya Sharma, Nisha Pillai and Mayur Bhat also participated in the funding round.

The startup claims to have served more than 1500 customers across 15+ states of India. 


Orb Energy 

  • Founded In: 2006
  • Founders: Damian Miller, NP Ramesh  
  • Funding Raised To Date: $13.6 Mn   
  • Investors: FMO, Bamboo Capital Partners, Rianta Capital, Acumen Capital Market Funds I, Pamiga SA
  • Headquarters: Bengaluru 

Orb Energy offers solar energy solutions (solar electricity and solar water heating) to residential, commercial and industrial customers, especially small and medium-sized enterprises (SMEs). 

To enable SMEs to afford solar energy, the cleantech startup has set up an in-house finance facility to provide extended payment terms to customers. Orb also provides credit to SMEs to invest in solar panel systems.

Since its inception in 2006, Orb has sold more than 160,000 solar systems, with cumulative installations of more than 110MW of rooftop solar systems.

Further, Orb Energy manufactures its own solar panels and solar water heating systems in-house to control quality and cost. 

Orb Energy raised a $15 Mn debt fund in 2019 to augment its capital base. It raised an undisclosed amount from Shell’s New Energies business by divesting an almost 20% stake in the firm in a Series C round of funding in 2019. 

Shell’s New Energies business has acquired a 20% stake in solar firm Orb Energy in a funding round in 2019. It has so far received more than $13 Mn in equity and around $10 Mn debt in Series A and Series B rounds. 

Orb is based in Bengaluru, where it runs two factories, one producing solar photovoltaic panels and the other producing solar water heating systems. Orb is looking to help more Indian SMEs to benefit from lower-cost solar power in future.


OxyGarden

  • Founded In: 2019
  • Founders: Anshu Gupta, Abhishek Gupta
  • Funding Raised To Date: $70K 
  • Investors: NA
  • Headquarters: Gurugram

OxyGarden has developed Forest, an automated vertical green wall designed to purify the air in homes and commercial spaces. The green wall uses a soil and root-based filtration system to naturally purify the air, creating a forest-like environment within living spaces.

In addition to air purification, Forest helps to regulate relative humidity levels with the help of controlled transpiration in plants. The product is designed to require minimal maintenance and does not require any human intervention once installed, according to the company.

To date, OxyGarden has raised $1.7 Mn in funding from investors to support the development and growth of its product line.


Pi Green Innovations

  • Founded In: 2019
  • Founders: Irfan Pathan and Rizwan Shaikh
  • Funding Raised To Date: $4.8 Mn
  • Investors: Opus Consulting Solutions, Harshal Morde (Morde Foods) 
  • Headquarters: Pune 

Pi Green Innovations creates technology-driven solutions for the reduction of particulate matter emissions at source. The startup has a patented filterless technology that converts smoke to its powder form, soot.

Some of the startup’s solutions include carbon cutter machines, filterless retrofits for diesel generators and heavy vehicles; RepAi, a filterless ambient air-purification tower that can be installed in public spaces. 

As per the founders, the cleantech startup has developed a retrofit solution for existing conventionally-fuelled heavy vehicles, diesel-fuelled generator sets and industrial boilers to reduce and capture hazardous particulate matter (PM) emissions and pollution caused every day. 

Pi Green’s retrofit device can capture 90% of the particulate matter emitted from the genset in real-time ranging from PM2.5 to PM10. The device works on the principle of electrostatic precipitator. 

The cleantech startup secured over $4.5 Mn in Series A funding in December 2021. The round was led by the Investment Fund of Opus Consulting with a total of $4.3 Mn. 

Its future plans include working on after-treatment solutions for crematoriums. A pilot run is already underway at a crematorium in Bengaluru and heavy vehicles retrofit pilot underway with Bengaluru Municipal Corporation for two buses. 


Prescinto

  • Founded In: 2016
  • Founders: Puneet Jaggi, Ram Menon, Sanjay Bhasin
  • Funding Raised To Date: $5.3 Mn
  • Investors: Mumbai Angels Network, Inflection Point Ventures, 9Unicorns Accelerator Fund, Lets Venture
  • Headquarters: Bengaluru 

SaaS solar energy startup Prescinto uses Artificial Intelligence to identify the root causes of plants’ underperformance in real-time and suggest actions to improve generation in clean energy plants by 5 to 7%. It helps in reducing costs of operation and maintenance.

Prescinto has been deployed across 10,000+ MWs of solar and wind projects across 14 countries with marquee clients like SoftBank Energy, Macquarie and Radiance Renewables managing their solar and wind assets on Prescinto.

Prescinto IOT platform is designed for vendor-independent connectivity and provides insights for solar PV plants. Prescinto’s patent-pending technology buckets losses into downtime, soiling, and systemic loss and immediately converts each loss into actionable job tickets along with projected gains. 

It has customers such as Stride Climate Investments, Essel Infrastructure, and GMR, among others to achieve traction of 3X annual growth reaching over 9 Giga Watts of solar plants across more than 10 countries.

Prescinto raised $3.5 Mn in a Seed funding round in March 2021 led by Venture Catalysts. Inflexion Point Ventures, Mumbai Angels and LetsVenture also participated as part of this round.

The Bengaluru-based cleantech startup is looking to expand in international markets, primarily in the US market, and for Intellectual Property development. Prescinto aims to expand into wind and energy storage as well.


ReNew Power 

  • Founded In: 2011
  • Founders: Sumant Sinha
  • Funding Raised To Date: $3.2 Bn
  • Investors: Goldman Sachs, Franklin Templeton India, JP Morgan, L&T, Sylebra Capital, Abu Dhabi Investment Authority, Canada Pension Plan Investment Board 
  • Headquarters: Delhi NCR

ReNew Power is an independent power producer (IPP) of renewable energy using clean sources such as wind, hydro and solar power. The startup has the capacity to generate more than 8 gigawatts of power assets across 16 states in India, including commissioned as well as under-development projects. 

Renew Power joined the startup unicorn club in 2017 after raising $300 Mn through a rights issue. Goldman Sachs, Abu Dhabi Investment Authority, and the Canada Pension Plan Investment Board have subscribed to the issue, with each shareholder infusing $100 Mn, it said.

According to its website, ReNew’s total capacity was 10.2 GW and its commissioned capacity was 7.3 GW, as of February 2022.

ReNew Energy raised $400 Mn in January 2022 at 4.5% by issuing green bonds. These bonds have a tenor of 5.25 years. This is the first high-yield issuance out of the ASEAN and South Asian regions in 2022, it said.

ReNew is setting up a joint venture (JV) with Fluence to boost the energy storage sector and meet the local needs of Indian customers. The startup has entered into a partnership agreement with Larsen & Toubro (L&T) to develop, own, execute and operate green hydrogen projects in India. 

To enable India’s decarbonisation push, Indian Oil Corporation, L&T, and ReNew Power signed a JV company on April 3, 2022. It is working to develop the green hydrogen sector in India.

The cleantech startup intends to own 18 GW of renewable energy assets by FY25.


Sea6 Energy 

  • Founded In: 2010
  • Founders: Nelson Vadassery, Shrikumar Suryanarayan, Sowmya Balendiran, Sri Sailaja Nori 
  • Funding Raised To Date: $17.9 Mn
  • Investors: Aqua-Spark, Silverstrand Capital, Tata Capital Innovation Fund
  • Headquarters: Bengaluru 

Sea6 Energy develops technologies to convert biomass into biofuel, plant growth stimulants, plant defence products, animal feed ingredients, and other bio-renewable products to replace chemicals and plastics. 

The cleantech startup has also developed proprietary technologies to convert fresh seaweed into environmentally friendly products for a range of industries including agriculture, animal health, food ingredients, bioplastics and renewable chemicals.

Sea6 Energy exports its patented agriculture biostimulant product to countries including the USA, Indonesia, Sri Lanka and Vietnam.

The seaweed farming and processing startup raised $9 Mn in Series B funding in July 2021 led by Aqua-Spark, the Netherlands-based investment fund. Singapore-based Silverstrand Capital is the co-investor in the round.

The startup will work on additional SeaCombine systems to increase the supply of seaweed raw material and expand its processing capacity with additional facilities to produce Sea6’s agricultural biostimulant and animal health products. 


SenseHawk

  • Founded In: 2018 
  • Founders: Rahul Sankhe and Swarup Mavanoorl
  • Funding Raised To Date: $7.1 Mn
  • Investors: Alpha Wave Global, SAIF Partners, Elevation Capital
  • Headquarters: Bengaluru  

Cloud-based cleantech startup SenseHawk enables owners, managers and developers of solar assets to gain new insights about their plants that enable maximisation of returns. 

The initial focus of the startup is on the rapidly growing solar industry with future expansion to other similar sectors.

Its solutions combine different kinds of unmanned aerial vehicles (UAVs), sensors, data processing and planning chains to create decision-making tools that drive productivity in the energy and infrastructure industries. 

The startup claims that it has delivered data analytics for more than 28 GWs of solar assets across 15 countries worldwide, and has nearly 80 clients.

SenseHawk raised $5.1 Mn in a Series A funding round in 2020 led by Alpha Wave Incubation, backed by Abu Dhabi-based ADQ. Existing investor SAIF Partners also participated in the round.

The startup is looking to expand its presence in Abu Dhabi, and also build a team of data scientists, product managers and engineers in the region. 

It is planning to use Abu Dhabi as the global base for international expansion while targeting the Gulf Cooperation Council countries — the Middle East and North Africa and other global markets.


Skilancer Solar

  • Founded In: 2017
  • Founders: Manish Kumar Das, Neeraj Kumar
  • Funding Raised To Date: $652K
  • Investors: Boundary Holding, Venture Catalysts, IIML-Incubator, Neeraj Kumar, Dhianu Das, Alfa Ventures
  • Headquarters: Noida

Skilancer Solar offers cleaning services for solar panels installed in commercial parks and other establishments. 

The startup was founded by Neeraj Kumar, who has three years of experience in the solar industry, and Manish Kumar Das, who brings ten years of experience in instrumentation engineering to the team.

Skilancer Solar’s client portfolio includes several prominent organisations such as Hindustan Petroleum, Adani, Ambit Energy, and Unilink Group. 

The startup has received over $652K in funding from a range of investors, including Boundary Holding, Venture Catalysts, IIML-Incubator, Neeraj Kumar, Dhianu Das, and Alfa Ventures.


SmartJoules

  • Founded In: 2014
  • Founders: Arjun P Gupta, Ujjal Majumdar, Sidhartha Gupta
  • Funding Raised To Date: $4.35 Mn
  • Investors: ADB Ventures, Sangam Ventures, Max Limited, cKinetics Accelerator, Dabur family’s Saket Burman 
  • Headquarters: Delhi NCR

Energy-efficiency-as-a-service startup Smart Joules offers capital expenditure-free retrofits for commercial and industrial facilities by improving the overall design of energy-intensive systems like cooling, heating, compressed air and steam. 

The cleantech startup claims its DeJoule technology platform utilises various sensors and IoT controllers to track and control equipment and optimise overall facility performance in real-time using data. This tech platform allows SmartJoules to guarantee its clients 15% energy savings.

Its JoulePAYS service makes energy savings easy and profitable from day one with zero investment and zero risk for hospital/hotel owners under a single pay-as-you-save agreement.

Smart Joules has provided its full-stack solution for leading Indian hospital chains, including Apollo, Fortis, KIMS, Aster, and CARE, among others. 

In March 2021, Smart Joules raised $4.1 Mn in its Series A funding round from various investors, namely ADB Ventures, Sangam Ventures, and Max Limited, among others. It raised $4.9 Mn in a Series A funding round from various investors in April 2021.

SmartJoules’ future plans include strengthening its energy management team, enhancing its digital technology platform, expanding its presence across hospitals and scaling its cooling-as-a-service offering for commercial buildings and industries with heavy air conditioning loads such as pharmaceuticals and data centres.


SolarSquare

  • Founded In: 2015
  • Founders:  Neeraj Subhash Jain, Nikhil Satejlal Nahar
  • Funding Raised To Date: $16.08 Mn  
  • Investors: Elevation Capital, Lowercarbon Capital, Good Capital, Rainmatter, Vidit Atrey, Sanjeev Barnwal, Maninder Gulati, Ashish Goel, Amit Kumar Agarwal, Akhil Gupta, Saurabh Garg 
  • Headquarters: Mumbai

Cleantech startup SolarSquare offers rooftop solar panels for residential and commercial purposes. It also provides financing facilities to customers at a 0% interest rate. It currently has a presence in Bengaluru, Delhi, and Hyderabad as well as states including Gujarat, Madhya Pradesh and Maharashtra

Initially, the startup only provided commercial rooftop solar solutions but in 2020, it started catering to the needs of residential consumers too. During the same year, it elevated Shreya Mishra, its CEO to the position of cofounder. 

In November last year, it raised $12.08 Mn in a Series A funding round led by Elevation Capital and Lowercarbon Capital. Good Capital, Rainmatter, Meesho’s Vidit Atrey and Sanjeev Barnwal also participated in the round. 

Its cap table includes Lowercarbon Capital, Symphony Asia, OYO’s Maninder Gulati, Urban Ladder’s Ashish Goel and Nobroker founders Amit Kumar Agarwal, Akhil Gupta & Saurabh Garg, among others.

Earlier, it claimed to have served nearly 5000 residential customers and also aimed to standardise its installation quality. 


SolarTown Energy  

  • Founded In: 2012
  • Founders: Vikram Dileepan, Dhanush Kuttuva 
  • Funding Raised To Date: $200K
  • Investors: GREX
  • Headquarters: Chennai 

SolarTown Energy makes clean energy for homeowners, businesses, schools, non-profit and government organisations at low cost. 

The cleantech startup provides solutions and products for home-based systems, small and mid-size businesses, and buildings. 

SolarTown provides for the sale, lease and installation of solar rooftop systems from 1 kW to 300 kW for residential, commercial and industrial customers. SolarTown Energy claims to have installed more than 100 solar systems and counts Infosys and Renault-Nissan among its customers. 

The startup is looking for market expansion, investment in technology, international business development and working capital requirements.


Swajal 

  • Founded In: 2015
  • Founders: Advait Kumar, Vibha Tripathi
  • Funding Raised To Date: $2.8 Mn
  • Investors:  Rajasthan Venture Capital Fund, Pramod Agarwal (former CFO at Procter & Gamble), ACPL 
  • Headquarters: Delhi NCR

Swajal is an artificial intelligence (AI) and Internet of Things (IoT)-enabled water purification solution that looks to enable access to clean drinking water across the socio-economic spectrum. 

The cleantech startup claims to have developed solar-energy-powered remote sensing water purification systems (also known as water ATMs) with user interfaces and payment mechanisms for airports, hotels, offices, schools and railway stations among others, where it essentially replaces the plastic, encouraging people to bring their own utensils/bottles to fill water. 

Swajal also helps corporate customers move away from plastic bottles to glass bottles using its in-house water bottle washing, filling and monitoring plant (WaterCube). The startup earns revenue from consumers buying its systems or a per-litre price for the as-per-usage model.

Last year, Swajal raised $1.6 Mn in funding from the social impact fund Rajasthan Venture Capital Fund, alongside Pramod Agarwal (former CFO at Procter & Gamble), ACPL and other angel investors.

The startup is planning to further enhance its research and development capabilities, thereby making drinking water more accessible, sustainable and plastic-free in the country.


The Energy Company

  • Founded In: 2021
  • Founders: Prashant Rathee, Rahul Lamba, Pratik Somani
  • Funding Raised To Date: Undisclosed
  • Investors: LetsVenture, WeFounderCircle, SIA Angel Network, Monokeros Ventures
  • Headquarters: Bengaluru

The Energy Company has developed a full-stack battery solution for EVs in India that helps B2B vehicle aggregators manage vehicle life cycle by giving them a longer-lasting battery pack via FlexiPack and better visibility on the battery life via its SaaS tool FlexiTwin.

The startup claims that its battery pack is scalable across electric two-wheelers, three-wheelers and buses and helps vehicles run for 50 km on just a 15-minute fast charge and 100 km after a 40-minute charge.

Meanwhile, The Energy company’s SaaS tool, FlexiTwin, takes inputs from the sensors installed on a battery to digitally record the battery performance, degradation and service history, with insights on battery health and ageing.

For now, the startup is in talks with five B2B clients, which have around 25,000 two-wheeler EVs. The startup also has letters of intent (LOIs) for around 2,000 electric two-wheelers.


Uravu Labs

  • Founded In: 2019
  • Founders: Pardeep Garg, Swapnil Shrivastav, Venkatesh R, Govinda Balaji
  • Funding Raised To Date: $274K
  • Investors: Speciale Invest, Peter Yolles (EchoRiver Capital), Soren Schroder, Shigeru Sumimoto (Conselux Corporation), Tomoki Kaneko (Kaneko Cord)
  • Headquarters: Bengaluru 

Watertech startup Uravu Labs builds atmospheric water generators that run on 100% renewable energy. It creates water from the air using only renewable energy sources like solar, waste heat, or biomass to produce renewable water.

Uravu’s working prototype can channel air into a chamber containing desiccants like Silica which absorb the water content in the air. Once the desiccant is fully saturated, heat is applied to it using solar energy to extract the water in liquid form, as claimed by the startup.  

The water-from-air concept is not new, as many startups already operate in the space. But unlike Uravu, most of them use refrigeration as a method to condense air in the atmosphere, which is an expensive process with high energy requirements. 

Uravu’s method uses a desiccant that is relatively less capital-intensive and energy-intensive and also requires much less maintenance. The desiccant used in the machine has a shelf life of around ten years, and the rest of the components are mostly conventional electronic components like fans and pipes, according to the startup. 

The water tech startup raised an undisclosed amount during a pre-seed funding round in December 2021 led by Speciale Invest. 

The startup plans to work with corporations on CSR efforts, and with government agencies like Jal Shakti, and MNRE, among others, to deliver clean drinking water to remote and rural areas in the country. 


Varaha

  • Founded In: 2022
  • Founders: Madhur Jain, Ankita Garg, Vishal Kuchanur
  • Funding Raised To Date: $4 Mn
  • Investors: Orios Venture Partners, Omnivore, RTP Global, Better Capital, Kunal Shah 
  • Headquarters: Gurugram

Climatetech startup Varaha helps agricultural farmers adopt regenerative agricultural practices by producing carbon credits, which help grow revenue and decrease operating expenses. It has a presence in six Indian states. 

Explaining the modus operandi, the startup said it enrols agricultural farmers, quantifies greenhouse gases, verifies carbon credits, and then sells those credits to buyers. 

In December last year, it secured $4 Mn in a seed funding round for expanding business in South Asia. The round was led by Orios Venture Partners along with participation from Omnivore, RTP Global, Better Capital and CRED founder Kunal Shah.

Earlier, it claimed to have covered an expanse of more than 1.32 Lakh acres under its agroforestry, forest conservation and reforestation activities, among others.

As per its website, it cloistered over 3.5 Lakh tonnes of carbon emissions and saved 1.55 Lakh Mn litres of water so far.


WEGoT

  • Founded In: 2015
  • Founders: Abilash Haridass, Vijay Krishna, Mohideen Haja, Sundeep Donthamshetty
  • Funding Raised To Date: $3.5 Mn
  • Investors: GRUHAS Proptech, Rahul Talwar (DLF Family Office) Harshad Reddy (Apollo Hospitals Family), HDFC Capital Advisory Ltd, Prestige Group
  • Headquarters: Chennai 

Internet of Things-based cleantech startup WEGoT Utility Solutions delivers water management solutions to clients from single house to multi-unit apartments and commercial complexes.

The cleantech clients include Prestige Group, Godrej Properties, Brigade Group, Mahindra World City, and Brookfield among others.

WEGoT’s Smart Water Meters manage water consumption and quality in real time. Its app enables effective monitoring, control and modification of water consumption based on user insights. 

Since its inception, WEGoT has successfully implemented over 100,000 smart devices in over 30,000 homes and on over 40 Mn sq feet of commercial real estate. It has plans to scale up to one million devices in the coming months. The startup has effectively conserved over 3 Bn litres of water to date and pledges to further save 10 Bn litres in 2022, as claimed by the startup.

The startup that makes smart water meters, raised $1.5 Mn in a funding round in December 2021 led by Gruhas Proptech, a company backed by Abhijeet Pai of Puzzolana Group and Nikhil Kamath of Zerodha.

The startup plans to deploy more water management devices to houses and offices in 2022. WEGoT plans to deploy 10 lakh water management devices by the end of 2022.


Zenatix 

  • Founded In: 2013
  • Founders: Amarjeet Singh, Vishal Bansal, Rahul Bhalla
  • Funding Raised To Date: $1.4 Mn
  • Investors: Blume Ventures, Microsoft Accelerator Bangalore, Pi Ventures,   
  • Headquarters: Delhi NCR 

Energy-data startup Zenatix is a data-driven energy efficiency platform that works with banks and large retail chains. 

The cleantech startup helps organisations to save up to 10-30% on their electricity spend. The startup has deployed WattMan in over 500 retail outlets including bank branches and ATMs, across its clientele of 20 companies.

The energy-data startup raised INR 8 Cr in a Pre-Series A round of funding in 2017 led by pi Ventures. 

Zenatix (part of the $11 Bn Hero Group) expanded its operations to the UAE and Middle East in April 2022 region to offer organisations a robust cloud-based energy and asset management solution. 

The startup plans to deploy 2,500 WattMan in the coming months, increasing its clientele to over 50-60 companies across India, Singapore, Malaysia, Indonesia and Thailand. 

Based on a subscription-based model of revenues, Zenatix aims to expand more in the international markets in future. 


ZunRoof 

  • Founded In: 2016
  • Founders: Pranesh Chaudhary, Sushant Sachan
  • Funding Raised To Date: $4.7 Mn 
  • Investors: Godrej Investment Office, Intellecap Impact Investment Network, Ramakant Sharma, (Livspace); Gaurav Gupta (Dalberg Advisors); Pradeep Tharakan (Asian Development Bank); Vismay Sharma (L’Oréal); Ajith Pai (Paipal Ventures); Arun Diaz (IntelleGrow)
  • Headquarters: Delhi NCR

ZunRoof specialises in solar rooftop design, installation, and management using technologies such as computer vision, AI and VR. 

The cleantech startup helps reduce its electricity bills by using unutilised rooftops for solar power generation. It also offers IoT devices for power usage monitoring through a companion app.

ZunRoof offers projects with capacity in a range between 1 kilowatt (kW) and 70 kW for residential clients, small factories, schools, hospitals and hotels. Its total installed capacity has crossed 10 Megawatt since its inception in 2016. 

The cleantech startup assessed more than 250,000 homes, designed over 30,000 rooftop solar systems in 75+ cities in India, and installed 15 MW+ of rooftop solar and 50,000+ IoT devices, as of last year.

ZunRoof Tech raised $3 Mn in a Series A round of funding from Godrej Investment Office in 2020. Godrej had invested $1.2 Mn in the startup in a Pre-Series A round in 2019.

The startup entered the solar rooftop market in Bengaluru a few years ago and is planning to enter cities like Chennai, Hyderabad and Kochi in future. 

ZunRoof aims to resolve the affordability issue of solar rooftops in Indian homes. It will soon launch its service to improve the affordability of solar rooftops.


Last updated on June 5, 2023

The listicle has been updated to include two new startups – Buyofuel and Metastable Materials.

The post 45 Cleantech Startups Working Towards Making India’s Future Cleaner & Greener appeared first on Inc42 Media.

]]>
Batteries From The Future? Here’s How EMO Energy Plans To Douse EV Fires With Its Tech Stack https://inc42.com/startups/batteries-from-the-future-heres-how-emo-energy-plans-to-douse-ev-fires-with-its-tech-stack/ Fri, 02 Jun 2023 14:17:10 +0000 https://inc42.com/?p=400974 There’s no denying the fact that the future of the transport industry is purely electric. However, in a bid to…]]>

There’s no denying the fact that the future of the transport industry is purely electric. However, in a bid to cherish this much-desired landscape of tomorrow, nations across the globe today need to address key issues that are marring the electric vehicle (EV) space

Ranging from rising incidents of EVs catching fire to a snailing charging time, range anxiety among consumers, and a half-baked EV infrastructure, the issues are galore, and India is no exception.

However, a major silver lining is that an increasing number of industry players today understand that these issues need to be tackled with an iron hand for greener and cleaner days to come.

Amid the ongoing concerns, Bengaluru-based EMO Energy has emerged as one of the pioneering names in addressing the two major challenges plaguing EV adoption in the country – safety and charging efficiency. 

Founded in February 2022 by EV industry veterans Sheetanshu Tyagi and Rahul Patel, EMO Energy aims to contribute to the country’s EV growth with its 30-minute chargeable portable battery packs and a full-stack technology offering — all built in-house.

At a time when the competition is on the rise in the lithium-ion (Li-ion) battery manufacturing space with names like Exponent, Log9 Materials, and Cygni, among others, EMO Energy aims to create a niche for itself with its integrated tech stack for two- and three-wheeler EVs, and heavy-duty vehicles.

It is pertinent to mention that most EV batteries in the market today take several hours to fully charge. The charging time could, however, vary depending on multiple factors such as battery size, the capacity of charging points and cells, and ambient temperature, among others. 

And at a time when international EV players are researching to bring this down to as low as 10 minutes, the Indian market is slowing making headways to stay abreast of its global peers with startups like EMO Energy in the race now. 

Meanwhile, the growing incidents of EVs catching fires is another major concern that has to be urgently dealt with. Although the Indian government has come up with amended battery testing norms, taking cognizance of such incidents, a large number of batteries in circulation today continues to pose a major risk.

In this scenario, the Indian EV industry needs more competent players that have the potential to nib these issues in the bud before they start impacting the country’s EV goals.

EMO Energy’s Journey So Far

Tyagi and Patel met at Ola Electric where the duo handled top positions in the company’s battery manufacturing division. Tyagi, also a former Tesla employee, had been aspiring to start an EV venture but was looking for the right partner. It was during this time that he got the opportunity to share his vision with Patel, and, as luck would have it, a partnership was forged with a firm handshake. 

With over 20 years of aggregate experience in the EV industry, Tyagi and Patel left their jobs at Ola Electric in November 2021, paving the way for EMO Energy. The duo dedicated all their time and effort to R&D at a research lab in Bengaluru for the initial six months.

Now, after a year since the beginning of its full-fledged operations, EMO Energy has already piloted around 100 batteries with almost 10 EV companies in the country. While its focus has been more on EV fleet operators, it also counts EV manufacturers and battery-swapping stations as its clients.

EMO factsheet

The startup claims that for almost a year now, it’s been testing its batteries in different climatic conditions, geographies, and vehicles. Currently, it runs its operations and a testing lab in Bengaluru and has a factory in Mysuru.

The cofounders of EMO Energy claim to have built all the battery components in-house, except for lithium-ion cells and semiconductors, which the company imports. 

The company calls its technology platform ZEN, which has different applications, including ZEN PAC (swappable battery packs for two- and three-wheelers), ZEN Rig (battery packs for heavy-duty vehicles), ZEN Ctrl. (battery management system and connected software), and ZEN Wall (fully integrated battery inverter system for residential and light commercial use).

In fact, besides its battery capabilities, EMO Energy is also piloting connected software, which it wants to offer as an integrated offering along with its battery packs. 

The software would enable the startup to provide an end-to-end solution to its clients while ensuring enhanced safety, accountability, and efficiency to fleet operators.

“Integration between software and hardware is what gives us that edge. There are battery manufacturing companies, there are battery software companies, and these entities are building fairly basic systems. When you combine those to the level that we have, it gives you amazing results in terms of battery safety, performance, and life,” said Tyagi, cofounder and CEO of EMO Energy.

Since its inception, the startup has raised $1.5 Mn in two rounds, with investors like Transition VC and Gruhas backing its latest seed round.

To fast-track its offering capabilities and scale production to at least 1,000 batteries a month, EMO Energy is looking to raise around $10 Mn in the next two to three months in a Pre-Series A round from existing and new investors.

In the first year of its operation, the startup has generated a revenue of INR 1 Cr and is aiming to make a 20X growth in the top line in FY24. 

While many of its offerings are still under the pilot phase, the startup is generating revenues by selling 2-kilowatt hour (kWh), 2.5 kWh, and 3 kWh battery packs for two- and three-wheelers.

What’s In The Startup’s Tech Stack?

With safety and fast-charging as its key value proposition, EMO Energy claims that its 2 kWh Nickel Manganese Cobalt (NMC) battery pack for two and three-wheelers provides 100% fire protection. The operating temperature of these batteries ranges between -20 degrees and 60 degrees Celsius. 

The startup’s 2.5 kWh and 3 kWh battery packs have similar capabilities, provide a warranty of five years and are in compliance with the newly amended AIS 156 phase 1 and 2 testing norms. 

The startup has also built a 10 kWh Lithium Iron Phosphate (LFP) battery pack for three-wheelers and light commercial vehicles. These battery packs weigh 110 kg and can operate between -10 degrees and 50 degrees Celsius. 

Besides, EMO Energy is building an NMC battery pack of 30 kWh for heavy-duty vehicles, which would have a charging time of 30 minutes and a life of 3,000 charging cycles. This battery pack is still under testing, and its production is expected to start in November this year.

After all, Tyagi believes that while two- and three-wheelers are great, there is an urgent and pressing need for electrifying larger systems.

“We have got a lot of interest from different sectors like agriculture (for tractors), cold storage, and commercial vehicles. Now, the objective is to make a modular system that we can scale across everything because the vision is to get India electric as quickly as possible,” the CEO added.

Hence, to cater to different use cases and applications, EMO Energy is also testing various cell chemistries for building EV batteries. Besides Li-ion cells, the startup is working with sodium-ion cells to make batteries safer and more efficient.

It must be noted that sodium-ion cells are safer and less volatile to temperature changes compared to Li-ion cells. According to Tyagi, sodium-ion cells are slowly getting prominence in the global EV ecosystem but it is yet to hit the Indian roads. However, tests for their use cases are being currently conducted at EMO, we were told.

The startup has plans to make its inverter system ZEN Wall, currently under pilot testing with Li-ion cells, run on sodium-ion cells later.

Can EMO Sustain In The EV Race?

The incidents of EVs catching fire hint at the fact several industry players have made compromises initially in a rush to benefit from the EV adoption wave in the country.

However, with timely intervention from the government, the industry has grown more cautious. While many homegrown players today understand the need to produce EV batteries suitable to the Indian climate, the space continues to take the blame on behalf of many who import components and assemble such batteries in India. 

Amid the current scheme of things, EMO Energy wants to accelerate EV vehicle adoption by providing products that are safe, efficient and in line with the country’s larger EV requirements.

Speaking with Inc42, Tyagi said that the failure rate of EMO Energy’s batteries (at the pilot stage) is still a little high, which he is hopeful of bringing down to less than 1% in the coming months. 

Besides, as a propagator of fast charging, Tyagi says that the standard NMC and LFP cells in the market today are capable of 30-minute charging. However, he believes that the Indian EV ecosystem is yet to crack the code to understanding cell chemistries and mechanicals that are crucial for enhanced outputs of these batteries.    

The CEO of the EV battery startup said while there is a growing market competition today, the market would consolidate into a handful of trusted players who bring more originality than just assembling battery parts.

Amid the claims of the cofounder around the startup’s unique value propositions, it remains to be seen how this new market entrant will grow to become one of the pioneers shaping the future of the country’s promising vehicle electrification space. 

Meanwhile, despite the policy hurdles, India’s EV adoption is showing promising growth, particularly led by growing interest in electric two-wheelers. In May, electric two-wheeler registrations crossed the 1 Lakh mark for the first time.

In fact, in the first five months of the year, total EV registrations in India surpassed 6 Lakh, which was around 3.4 Lakh units in the corresponding period of 2022.

The post Batteries From The Future? Here’s How EMO Energy Plans To Douse EV Fires With Its Tech Stack appeared first on Inc42 Media.

]]>
EMO Energy Bags Funding To Focus On Decarbonisation Through Battery-Powered Solutions https://inc42.com/buzz/emo-energy-bags-funding-to-focus-on-decarbonisation-through-battery-powered-solutions/ Tue, 23 May 2023 06:54:23 +0000 https://inc42.com/?p=399741 EMO Energy has raised $1.2 Mn in a seed round led by Transition VC, and co-led by Gruhas. The Bengaluru-based…]]>

EMO Energy has raised $1.2 Mn in a seed round led by Transition VC, and co-led by Gruhas.

The Bengaluru-based startup raised an undisclosed amount from 100X and other angel investors, in a Pre-Seed round last year.

Established in 2022 by Sheetanshu Tyagi and Rahul Patel, the startup is a deep-tech energy solutions platform that focuses on decarbonising through the implementation of battery-powered solutions in high-power consuming applications. 

EMO Energy offers battery packs to light EVs that are powered by ZEN, its cell agnostic tech platform. 

Tyagi claims that the startup’s goal is to enable mass adoption of EVs and ESS by the deployment of ZEN. According to him, EMO’s ZEN PAC offers battery packs for 3 and 2 wheelers that can be charged in 20 minutes. 

He further stated that the startup has tested these battery packs for more than 10,000 kms with multiple OEMs and fleet operators across the most extreme environmental conditions (-20 degrees to 60 degrees). 

Tyagi further added, “Transition VC is also enabling our access to the grid storage market (for residential and commercial applications such as lead acid battery & diesel genset replacement) which will help us in deploying ZEN for grid storage applications in the near future.”

Adding to this, Transition VC’s general partner Rajesh Doshi said, “The 2 & 3-wheeler EV market is fragmented today. Our estimates say that 50-60% of companies will outsource their powertrain components, which will be approximately an INR 23,850 crore ($2.9 billion) market opportunity in 2025.”

In a blog post the startup noted that though India had a 4% EV Market share in 2022. Over 3 Lakh vehicles were sold in 2021-22, a growth of 160% over 2020-21. 

According to EMO, India’s EV market size is expected to reach $152.21 Bn by 2030, growing at a CAGR of 94.4%, during the forecast period of 2021-2030. A majority of these vehicles will use lithium ion (Li) Batteries and will require a personal or public charger station to recharge the same. 

Recently Kazam, another startup in this segment, has raised $3.6 Mn in a round led by Avaana Climate Fund. 

In the meantime, the Indian government aims to have  30% private EVs, 70% commercial EVs, and 80% two and three wheelers by 2030. 

As of March, there were a total of 21.7 Lakh EVs registered in the country.

The post EMO Energy Bags Funding To Focus On Decarbonisation Through Battery-Powered Solutions appeared first on Inc42 Media.

]]>
Can India’s Next Unicorn Be A Green Unicorn? https://inc42.com/resources/can-indias-next-unicorn-be-a-green-unicorn/ Sat, 13 May 2023 10:30:14 +0000 https://inc42.com/?p=398440 Indian startups have shifted their focus to environmentally friendly and sustainable models. The new sustainable models are making a positive…]]>

Indian startups have shifted their focus to environmentally friendly and sustainable models. The new sustainable models are making a positive impact on society and the environment by reducing carbon emissions, promoting circular economies, and creating better livelihoods. Startups can help to build a more sustainable and robust future, as well as contribute to economic growth and job creation.  

Rise Of Tech-Enabled & Environmentally Conscious Startups In India

Green unicorns are the new generation of Indian startups. They are tech-enabled and environmentally conscious. Their products and services promote a sustainable future for their consumers and the planet, and they work towards safer processes and greater efficiency. 

Green startups are driving technological advancements in the field of sustainability, helping to reduce the negative impact of human activity on the environment with their innovative ideas. Their efforts are essential in mitigating the effects of climate change and promoting a healthier and more prosperous society. These startups truly have the potential to become green unicorns and lead the way in sustainable business practices.

Growing Importance Of Sustainability & Social Responsibility In Business

The business domain is placing growing importance on making a difference in society and the environment. Startups that promote social responsibility and ecologically friendly practices are receiving funding from MNCs, VCs, and corporations. Growing awareness of the damaging effects of human activities on the environment and a dedication to ethical business practices are the driving forces behind this change. Leading companies are integrating sustainability into their business practices, such as Coca-Cola’s commitment to 100% recyclable packaging by 2025 and at least 50% recycled materials by 2030.

Sustainability startups often face difficulty accessing specialised infrastructure, such as renewable energy sources or waste management facilities, to operate effectively. Collaboration with larger companies can provide access to the necessary infrastructure and resources. For example, sustainability startups can partner with larger organisations to access their supply chains and distribution networks, which can help them reach new markets and scale their operations.

Government Initiatives To Promote Sustainability & Encourage Investment In Green Tech

To promote sustainability and encourage investment in green technologies, the Indian government has launched several initiatives in recent years. For example, the National Clean Energy Fund and the Green Energy Corridor are aimed at promoting the use of renewable energy sources, while the Swachh Bharat Abhiyan is focused on improving waste management and sanitation. 

The Green Economy: A Growing Market For Startups

It is becoming increasingly common to see new business models popping up around the world, driven by the increase in the value of environmental assets. 

These new models are focused on greening higher-growth industries and dealing with sustainable development. The emerging green economy may be small right now, but there are still several startups springing up all over the world. 

The Emerging Green Economy: Paving The Way For India’s Next Unicorn

With the growing importance of environmental sustainability in the business world, it’s no surprise that Indian startups are moving towards greener business practices. Green unicorns are leading the way in this shift, offering innovative solutions to reduce carbon emissions, promote circular economies, and create a better future for all. 

Collaboration with larger companies and government initiatives to promote green technologies and sustainability are also helping to drive this change. With the emerging green economy already worth an estimated $1 Tn annually, the future looks bright for India’s next unicorn to possibly be a green unicorn.

The post Can India’s Next Unicorn Be A Green Unicorn? appeared first on Inc42 Media.

]]>
Zyngo Raises $5 Mn To Help Ecommerce Companies Deploy EV Fleets For Logistics Ops https://inc42.com/buzz/zyngo-ev-bags-investment-to-expand-hyperlocal-delivery-fleet-size/ Tue, 09 May 2023 09:22:32 +0000 https://inc42.com/?p=398139 Third party logistics startup Zyngo EV has raised $5 Mn in a Pre-Series A round led by Delta Corp Holdings.…]]>

Third party logistics startup Zyngo EV has raised $5 Mn in a Pre-Series A round led by Delta Corp Holdings. Existing investor LC Nueva Investment Partners LLP also participated in the round. 

Zyngo has stated that the funds will be used for expanding fleet size, entering new geographies and to enhance technology. Founded in 2020 by Prateek Rao, the startup caters to B2B and B2C consumers with intra-city logistics and other transportation needs. 

Zyngo manages the entire EV operations cycle in the supply chain and delivery process. It caters to various sectors in the ecommerce industry such as SMEs, FMCG, cloud kitchens and other segments.

In the EV logistics industry, the startup works to provide Last Mile Delivery (LMD) and contribute to the hyperlocal sectors. According to the startup, 35% of the delivery costs have been cut down with the services, as LMD contributes to a considerable portion of the delivery cost of a product.

Zyngo claims that its in-house Fleet Management Software (FMS) enables complete visibility and transparency, while addressing customer confidence and product reliability faced by many ecommerce companies. The startup caters to a diverse range of clients from various sectors and aims to contribute towards improving India’s logistics sector. 

Commenting on the investment, Zyngo’s founder and CEO Prateek Rao said, “With this latest investment, we are excited to accelerate our growth and expand our reach, while staying true to our commitment to provide eco-friendly and affordable logistics solutions.”

He further explained that the startup aims at a greener mobility landscape of India which was otherwise dominated by high carbon emitting trucks and vans. 

Talking about the challenges to be addressed in the EV logistics industry, Mudit Paliwal, CEO & founder, Delta Corp said, “We have identified some of the key infrastructural barriers towards mass adoption and are now actively addressing each obstacle through targeted investments. These range from empowering drivers, financing vehicles to creating EV infrastructure hubs, our goal is to create a comprehensive EV ecosystem that will accelerate adoption of EVs throughout India particularly in logistics.”

Zyngo claims to do about 3 Lakh deliveries per month and has a fleet size of 1150+ vehicles – including both two and three-wheeler EVs, which are powered by lithium-ion batteries. These are majorly cargo loaders that are leased or sourced from OEMs such as Hero Electric, Piaggio, Kinetic Green, Mahindra Electric, among others. The startup also aims at expanding services to food tech, ecommerce, and egrocery deliveries.

By the end of this financial year, it aims to deploy approximately 3,000+ logistics EVs across India. In addition, Zyngo also aims to deploy at least 18,000+ zero-emission EV fleets across the country to contribute to India’s climate action and sustainability goals.

Zyngo aims to achieve the target by launching a hyperlocal B2C delivery mobile app which will ensure efficient utilisation of the fleet with customers being offered an easy-to-use interface. The app is going to be available to both iOS and Android users.

Writing for Inc42 Media, Kalyan C Korimerla, MD & co-promoter, Etrio stated that 15-20% of global last-mile ecommerce cargo fleets have been electrified. With proactive government policies, India is rapidly progressing toward commercial EV usage. 

Way back in 2020, the Indian ecommerce giant Flipkart had announced that it will convert the entire delivery fleet to EVs by 2030.

Revamp Moto, Ather Energy, Altigreen Propulsion Labs, BluSmart, Ola Electric etc are some other startups operating in this segment.

The post Zyngo Raises $5 Mn To Help Ecommerce Companies Deploy EV Fleets For Logistics Ops appeared first on Inc42 Media.

]]>
Here’s How Solar Ladder Is Fast Tracking India’s Solar Energy Adoption https://inc42.com/startups/solar-ladder-fast-tracking-indias-solar-energy-adoption/ Fri, 05 May 2023 06:20:11 +0000 https://inc42.com/?p=397629 India is rapidly progressing towards establishing itself as one of the leading solar energy-producing nations. As of April 12, 2023,…]]>

India is rapidly progressing towards establishing itself as one of the leading solar energy-producing nations. As of April 12, 2023, the country boasts an impressive installed capacity of 66.78 gigawatts (GW), positioning it as the fourth-largest country in terms of solar energy capacity.

Notably, in the first quarter of 2022, India added 456 megawatts (MW) of rooftop solar capacity, up 13% quarter-on-quarter (QoQ) and 34% YoY. With this kind of adoption, the industry is set for a bright future, especially when the country’s potential for rooftop solar is estimated at 200 GW.

However, supply chain issues, a lack of working capital financing and high fragmentation have fettered the growth of the industry, which is expected to reach $50 Bn in size by 2030.

Realising the potential that the nation’s solar energy industry holds, along with the challenges denting its current state, Manan Mehta, Abhishek Pillai and Farhan Ahmed founded cleantech startup Solar Ladder in 2021.

The startup’s approach is simple – help the thousands of small businesses operating in the rooftop solar industry scale and boost solar adoption in India.

“We are sitting on one of the biggest opportunities of our lifetimes. This is because rooftop solar is one of the first commercially viable and decentralised sources of energy,” Mehta, the cofounder and CEO told Inc42 in an exclusive interaction.

Charging Up The Supply Chains

“We realised that most of the bottlenecks lie in the supply chain and financing,” Mehta said, adding that although a solar business appears to be primarily focused on technical aspects, it requires a lot of working capital. “Whether it’s a manufacturer, distributor, EPC provider, or an end user, access to working capital is crucial for scaling operations.” 

In the solar industry, EPC means engineering, procurement, and construction. It is a term that is used by companies that provide end-to-end solar energy services, including design, procurement and installation of rooftop solar energy systems.

The CEO added that the core of the bottleneck was financing and the complex web of suppliers and manufacturers an EPC provider has to go through.

Essentially, Solar Ladder employs a typical margin differential playbook, where it earns money by procuring components from manufacturers in China and India in bulk and then selling them to EPC providers and rooftop solar companies.

Having partnered with five NBFCs, the Mumbai-based startup also offers collateral-free financing to both EPC installers and end users. The founders said that they have offered credit to 50+ SMEs and 50+ end users to the tune of INR 8 Cr and INR 1 Cr, respectively, since the second half of 2022.

Climbing India’s Sun-Rich Rooftops With Solar Ladder

The full-stack supply chain platform for solar installation companies provides software which solar installers use to run their business. 

“On top of that is a layer of procurement, which allows them to procure the required equipment,” Mehta said.

Interestingly, the company built its software solution first and then pivoted to offering supply chain solutions.

Speaking about the cleantech startup’s current plans, cofounder Pillai said digitalising EPC installers was a priority, as many of them were using traditional methods like spreadsheets or, at best, run-of-the-mill CRM software to manage their operations.

“Solar Ladder offers a free SaaS tool that includes modules such as sales, marketing, installation, accounts and project management. It gives EPC installers more visibility into a business’s various functions such as ongoing projects, inventory and payments,” the cofounder said. 

While the sales module is free to use, EPC providers are charged for more premium modules as they scale.

This also couples with the startup’s procurement business and working capital loans and augments EPC providers’ inventory and capacity to handle more concurrent projects, allowing them to scale up rapidly.

The cofounder said that Solar Ladder’s SaaS solution has onboarded 300+ users since 2021, including big names such as Mahindra Solarize and Fourth Partner Energy.

“However, despite witnessing 5X growth over the past year, the SaaS solution is only a small part of our revenue compared to our supply chain solutions, which dominate our balance sheet. Plus, we are PAT positive,” Mehta told Inc42.

Solar Ladder Raises INR 11 Cr To Fuel Its Ambitions

Solar Ladder aspires to build a managed marketplace that includes everything from procurement, sales, installation, after-sales services, working capital loans and long-term financing, built atop a layer of SasS.

To fuel its ambitions, the startup recently announced that it raised INR 11 Cr from Axilor Ventures, Titan Capital, DeVC, Stride Ventures and several angel investors, including Varun Alagh.

Cleantech startup Solar Ladder factsheet

“Solar Ladder is one of the most capital-efficient and frugally innovative teams we’ve invested in. The founders have been passionately working on the ground and understanding every facet of the industry. Their early set of customers have grown manifolds and we are excited to see them replicate the business model on a larger scale,” said Bipin Shah, a partner at Titan Capital.

With a profitable business model set to consolidate one of the most important industries in the energy sector in coming years, Solar Ladder looks set to maximise the $50 Bn potential India’s rooftop solar sector has to offer.

The cleantech startup competes with the likes of Blume-backed Aerem, although the cofounders do not consider it a direct competitor. 

Solar Ladder has raised funding at a time when the Indian government has set a goal of achieving 100 GW in installed solar capacity in the next few years. In the first quarter of 2023, the cleantech segment bagged more than $6 Mn in funding across five deals, down 32% and 44% compared to Q1 2022.

The post Here’s How Solar Ladder Is Fast Tracking India’s Solar Energy Adoption appeared first on Inc42 Media.

]]>
EV Maker Okinawa Autotech In Talks To Raise $100 Mn Amid Funding Winter, FAME-II Crisis https://inc42.com/buzz/ev-maker-okinawa-autotech-in-talks-to-raise-100-mn-amid-funding-winter-fame-ii-crisis/ Thu, 04 May 2023 13:45:10 +0000 https://inc42.com/?p=397557 Amid the ongoing funding winter and the issues around the FAME-II scheme, which have impacted the sales of electric two-wheeler…]]>

Amid the ongoing funding winter and the issues around the FAME-II scheme, which have impacted the sales of electric two-wheeler manufacturers, Okinawa Autotech is reportedly in advanced talks to raise $100 Mn (about INR 800 Cr) from private equity firms.

As per a report by the Economic Times, the startup’s MD Jeetender Sharma told the publication that it would utilise the fresh funds to commission its third manufacturing facility.

Okinawa was not immediately available to comment on the development.

As per the report, Okinawa’s new manufacturing facility will have an installed capacity of 1 Mn units. The fresh funding will also be used to develop new products and manufacture powertrains indigenously.

“We will close a tranche of $100 Mn shortly. The capital will be utilised to develop products, enhance technology of the powertrain, set up capacity in-house for manufacturing powertrains and to operationalise fresh production capacity at our third facility in Rajasthan,” Sharma was quoted as saying. 

Okinawa currently has a total production capacity of 3 Lakh units annually. Its new unit is expected to be commissioned by the end of the current fiscal year, as per the report.

Sharma said that the government’s decision to stall the disbursal of FAME-II subsidy incentives has created pressure on the startup’s cash flows but it has been able to go ahead with its expansion plans. 

It must be noted that Okinawa, along with 13 other two-wheeler EV manufacturers, has been under the government’s scanner for allegedly floating localisation norms under the FAME-II scheme. Hero Electric and Okinawa were the first two OEMs whose incentives were suspended under the scheme. 

This has also impacted sales of Okinawa’s two-wheeler EVs. It saw a sharp fall in registrations of its EVs in April 2023, which stood at just 3,217 units.

It must be noted that despite its vehicles being involved in multiple fire incidents last year, Okinawa held the second spot, behind Ola Electric, for months in 2022 in terms of two-wheeler EV registrations. One such fire incident also claimed the lives of two persons in Tamil Nadu. 

After several such incidents, the company also recalled 3,215 units of its Praise Pro Scooters in April last year. Despite this, the company registered record vehicle registrations of 14,946 units in October 2022.

While there has been a recent fall in sales, Sharma said Okinawa is positive about the market and expects to grow by 30%-40% in FY24. It is also looking to expand its distribution network to 700 sales outlets from 540 currently. 

Besides, Okinawa aims to invest INR 800-INR 1,000 Cr over the next three years to increase sales to 1 Mn units per annum by 2025-26. It also aims to set up 1,000-1,200 dealerships by then.

Meanwhile, as per a latest report, the government has slapped a fine of INR 116 Cr on Okinawa for flouting localisation norms under the FAME-II scheme. However, the company denied this. 

“The company hasn’t received any notice from the government to refund subsidies from 2019-20 and [is] surprised by the media questions,” it said in a statement.

The post EV Maker Okinawa Autotech In Talks To Raise $100 Mn Amid Funding Winter, FAME-II Crisis appeared first on Inc42 Media.

]]>
Log9 Eyes A Big Pie Of EV Battery Space With Launch Of Li-ion Cell Manufacturing Unit https://inc42.com/buzz/log9-eyes-a-big-pie-of-ev-battery-space-with-launch-of-li-ion-cell-manufacturing-unit/ Sat, 22 Apr 2023 15:28:25 +0000 https://inc42.com/?p=395978 A year after it promised its stakeholders that it would commission a lithium-ion (Li-ion) manufacturing plant, battery startup Log9 unveiled…]]>

A year after it promised its stakeholders that it would commission a lithium-ion (Li-ion) manufacturing plant, battery startup Log9 unveiled the country’s maiden commercial Li-ion cell manufacturing line this week. 

The new facility, based in Bengaluru’s Jakkur, will churn out batteries for electric vehicles (EVs) and energy storage. With an initial capacity of 50 MWh (megawatt-hour), the plant will largely cater to lithium-titanium-oxide (LTO) and lithium iron phosphate (LFP) cell manufacturing. 

The line will also support manufacturing of large form factor cylindrical cells ranging from 22 Series to 66 Series. 

The launch event also saw the unveiling of the startup’s in-house battery management system (BMS) called Charvik. This new system comes embedded with power control mechanisms and SoX algorithms to ensure safety and reliability for applications.

The startup also shared insights on its tech stack plan which enables fast charging of LFP batteries on public charging networks while preserving cycle life of batteries. It also gave a sneak-peek into its advanced cooling technologies, cell design and cell control mechanisms.

“It is a moment of great pride for us to commission India’s first commercial Li-ion cell manufacturing line on the 2nd edition of Day Zero. On this day, we also want to congratulate all the Log9ers who have been a part of this journey,” said Akshay Singhal, cofounder and CEO of Log9.

The event also saw the startup launching its academic engagement program called Log9 Rise which aims to support the creation of a talent pool in the battery tech ecosystem in the country. 

Founded in 2015 by Singhal, Kartik Hajela and Pankaj Sharma, Log9 is a deeptech startup that manufactures batteries for EVs and energy storage. Its product portfolio includes the RapidX range of EV batteries which cater largely to two-wheeler EVs. 

From being incubated at IIT-Roorkee in 2015 to building a full fledged plant in the outskirts of Bengaluru, Log9 has put its plans to scale up operations in full throttle mode. What has helped is the growing clean energy needs of the country and an equally attractive EV market which has grown multifold in the past few years. 

The big-ticket $40 Mn funding round raised earlier this year, led by Amara Raja Batteries Ltd and Petronas Ventures, appears to have only strengthened its plans. 

Log9 claims to have so far deployed more than 3,000 batteries in EVs and expanded its footprints to more than 20 cities in the country, including Delhi, Bengaluru and Chennai.

Its products such as Nanocaps are largely powered by state-of-the-art 3 volt ultracapacitors, built on the back of 16 patents that the startup has for graphene synthesis and graphene products. Log9 claims that its batteries offer higher energy and power density while having the lowest current leakage. On the other hand, its aluminium fuel cells run on air and water, and pack 8000 Whr/kg of energy. 

Log9 largely partners with businesses across three tiers which include onboarding of charging partners and fleet solution partners. Then there is the aspect of clean mobility solutions under which it partners directly with OEMs to offer battery-related solutions.

As India marches towards its goal of EV30@30, the startup is well poised to leverage the burgeoning market. What has further helped is the government incentives and emergence of EV startups that have pushed the space and scaled up EV penetration in the country. 

While the Centre has slashed GST on all types of lithium-ion batteries, the space has its own set of challenges. Lack of availability of raw materials and skilled labour in the industry is a major constraint for the growth of EV battery segment in India. 

As a result, companies have to import products which adds to the costs. Then there is the major issue of environmental compliance which pose major challenges to the operation of such startups. 

Despite this, the outlook for the space looks promising with the homegrown lithium-ion battery market projected to have clinched a revenue of $4.29 Bn in 2022. This number is estimated to reach $25.3 Bn by 2031 on the back of growing demand for EV batteries and higher adoption of EVs. 

The post Log9 Eyes A Big Pie Of EV Battery Space With Launch Of Li-ion Cell Manufacturing Unit appeared first on Inc42 Media.

]]>
Volkswagen To Launch Electric SUV In India Next Year To Take On Tata, Kia, Ola https://inc42.com/buzz/volkswagen-to-launch-electric-suv-in-india-next-year-to-take-on-tata-kia-ola/ Tue, 18 Apr 2023 15:16:44 +0000 https://inc42.com/?p=395104 German automobile giant Volkswagen reportedly plans to launch its first electric car in India next year. The company’s electric car…]]>

German automobile giant Volkswagen reportedly plans to launch its first electric car in India next year. The company’s electric car would compete with similar offerings of Tata Motors, Hyundai, and Kia, as well as the soon-to-be-launched electric car of Bhavish Aggarwal-led startup Ola Electric. 

A senior Volkswagen official told PTI on Tuesday (April 18) that the company would launch its premium electric SUV ID.4 to tap the fast-growing electric vehicle (EV) space in the country. The vehicles would be assembled in India at the company’s Aurangabad plant, with parts and components imported, as per the report.

The company expects 25%-30% of its total sales in India to come from EVs by 2030 and the rest from internal combustion engine vehicles.

Volkswagen is following a two-pronged strategy of premiumisation and electrification to strengthen its presence and enhance its position in India, Volkswagen Passenger Cars India Brand Director Ashish Gupta told the news agency.

Volkswagen India today showcased its ID.4 GTX electric SUV car at its Annual Brand Conference in Kochi, Kerala. The development comes amid Volkswagen strengthening its offerings for the internal combustion engine (ICE) market in India.

With the launch of new variants of its existing ICE car models in India, Volkswagen is looking at sales growth of 40%-45% this year.

While the company is planning to launch its EV in the county soon, Gupta also admitted that the ecosystem is not fully ready yet.

“The supply base is not ready. About 50% of the car cost of an electric car is the battery and unless mass localisation of battery manufacturing happens in India, none of the OEMs, not only us, will be able to do mass electrification,” he was quoted as saying.

However, he added that electrification in the domestic market would happen in steps and that it had to start now. 

“You have to start doing it now to be able to bring a mass electric car, in the timelines that the industry is looking at somewhere in between 2026-27. That’s what most of the market is looking at in terms of mass electrification. We are looking at similar timelines,” Gupta was further quoted as saying.

It is pertinent to note that unlike the US and European markets, where EV adoption has largely been led by cars, electric two- and three-wheelers are leading the EV adoption in India.

Helped by the government’s push for EV adoption through its FAME-II scheme, sales of EVs in the two- and three-wheeler segments have seen a sharp rise over the last two years. The year 2022 was the best year in terms of EV sales. 

Electric two-wheeler registrations in India grew to 6.3 Lakh units in 2022 from 1.5 Lakh in 2021. On the other hand, electric three-wheeler registrations grew to 3.5 Lakh units in 2022 from 1.6 Lakh.

While range anxiety remains a major concern for EV car adoption, particularly for interstate/long-distance travel, adoption in the segment is also picking pace slowly. Besides established players like Tata Motors and Hyundai, many new players are also emerging in the space.

Ola Electric announced last year that it would launch its first electric car in 2024. Besides, Bengaluru-based Pravaig is also manufacturing electric SUVs.

The post Volkswagen To Launch Electric SUV In India Next Year To Take On Tata, Kia, Ola appeared first on Inc42 Media.

]]>
How The Energy Company’s Full-Stack Battery Solutions Are Powering India’s EV Future https://inc42.com/startups/how-the-energy-companys-full-stack-battery-solutions-are-powering-indias-ev-future/ Tue, 18 Apr 2023 04:17:06 +0000 https://inc42.com/?p=394564 India’s automotive industry has gone through a paradigm shift in the recent past, and the advent of electric vehicles (EVs)…]]>

India’s automotive industry has gone through a paradigm shift in the recent past, and the advent of electric vehicles (EVs) is primarily responsible for this revolution. 

However, the shift towards an emission-free future would have been a long shot if the Government of India wasn’t committed to providing a boost to this green sector by incentivising the stakeholders – both buyers and sellers.

According to the Ministry of Road Transport data, the number of electric two-wheelers sold in India in 2022 stood at 6,30,584, mirroring a jump of 304% in EV adoption from 1,56,172 EV two-wheelers in 2021.

Despite the rapid transition, the country’s EV users are bogged down in challenges like slow charging time, a lack of charging infrastructure, battery life, and safety and quality concerns, which can be seen as major deterrents to the adoption of EVs in India.

Fortunately, we have minds like Rahul Lamba, Prashant Rathee and Pratik Somani, the founders of The Energy Company, who are developing solutions to make EVs more efficient and have plans to nib the challenge of range anxiety in the bud — before it becomes a fully grown 10-legged Kraken haunting the space.

The trio was part of the founding team at Ather Energy and product managers at mobility startup Micelio. 

With enough experience to rule the roost in the two-wheeler EV space, they founded the Energy Company in 2021 and have so far been successful in developing full-stack energy solutions for EVs, including a fast-charging battery pack and a freemium SaaS tool to monitor battery health and manage vehicle life cycles.

The Bengaluru-based startup, which primarily focuses on electric two-wheelers in India, has already secured an undisclosed amount of pre-seed funding from investors such as LetsVenture, Sia Angels, and We Founder Circle, along with other marquee angel investors.

The Energy Company factsheet

What’s All The Startup’s EV Treasure Trove?

According to a RedSeer report, more than 60% of users of EV two-wheelers face issues such as slow charging times and a lack of charging infrastructure.

To solve the current challenge, the chief product officer and cofounder of The Energy Company, Prashant Rathee, told Inc42 that the startup has developed an EV energy product portfolio, which can be divided into two categories, a fast-charging battery pack and a SaaS product to monitor battery health and manage vehicle life cycle. 

Per the cofounder, The Energy Company’s two solutions solve the most common problems two-wheeler EV users face – slow charging time, a lack of charging infrastructure, battery life and safety. 

According to Rathee, their battery pack, FlexiPack, is scalable across electric two-wheelers, three-wheelers and buses and helps vehicles run for 50 km on just a 15-minute fast charge and 100 km after a 40-minute charge. He added that it can be charged across all charging infrastructure due to its nature of being charger agnostic.

EV adoption across vehicle aggregators is being mandated by state governments across India. Since India’s public charging infrastructure is still in its nascent stages, a charger-agnostic battery might help make EVs more efficient for B2B use.

Speaking on battery life, the cofounder pointed out that the longest life cycle of a battery in a commercial EV is around 2-2.5 years. “So, it is a cost that is incurred after every two years by the EV user,” the cofounder added.

Rathee claimed that the startup’s FlexiPack solution comes with a minimum life cycle of four years, double the industry standard. 

Meanwhile, The Energy company’s SaaS tool, FlexiTwin, takes inputs from the sensors installed on a battery to digitally record the battery performance, degradation and service history, with insights on battery health and ageing.

Further, the startup also buys back batteries that are near the end of their life cycles from users to recycle.

Charged Up For The Future Yet?

As of now, the startup is in talks with five B2B clients, which have around 25,000 two-wheeler EVs. The startup also has letters of intent (LOIs) for around 2,000 electric two-wheelers, which, Rathee said, translates to INR 10 Cr in revenue by March 2024.

When asked whether the startup was also looking at the B2C segment as well, the cofounder said, “We feel that there are enough vehicle manufacturers out there who will eventually integrate our solution.”

Speaking more about the startup’s target market, Rathee said the company is not targeting high-end smart vehicle OEMs, such as vehicles manufactured by Ola Electric and Ather, but the likes of Hero Electric and Okinawa, which are not into making premium EVs.

“What we want to do is enable electric mobility through these manufacturers. We would like to become the Intel or the Bosch of the space,” Rathee said.

The Energy Company competes with the likes of Log9 Materials, which is also manufacturing long-life EV batteries using graphene and other new-age materials, and Exponent Energy, which improves charging speeds and battery life cycle.

According to a research report by MarketsandMarkets, the Indian EV battery market stood at $56.4 Bn in 2022 and is set to expand by 19.9% CAGR to $134.6 Bn by 2027.

Given that 80% of all two-wheelers in India will be electric by 2030, per RedSeer, The Energy Company has a vast sea of opportunities in front of it. However, the startup still has a long way to go in addressing the challenges in India’s EV space. Therefore, it would be interesting to see how The Energy Company contributes to the rapidly growing EV adoption in India.

The post How The Energy Company’s Full-Stack Battery Solutions Are Powering India’s EV Future appeared first on Inc42 Media.

]]>
Metastable Materials: Meet The Scavengers Of Dead Li-ion Batteries https://inc42.com/startups/metastable-materials-meet-the-scavengers-of-dead-li-ion-batteries/ Thu, 13 Apr 2023 01:55:35 +0000 https://inc42.com/?p=393901 While the use of lithium-ion (Li-ion) batteries is on a sharp rise across the world, with the growing number of…]]>

While the use of lithium-ion (Li-ion) batteries is on a sharp rise across the world, with the growing number of electric vehicles (EVs) and increased usage of electronic devices, there is still no robust and economically viable process to recycle such batteries. 

As the world today talks about reaching net zero emission goals, with EVs paving the way for their future aspirations, global studies suggest that 95% of Li-ion batteries end up in landfills and become an environmental hazard. 

This very challenge raises a big question about the progressive steps towards a sustainable carbon-emissions-free future. Interestingly, while many are only talking about the much-desired green future, Karnataka-based startup Metastable Materials claims to have walked the talk with its integrated carbothermal reduction process technology in the Li-ion battery recycling space.

Founded by IIT Roorkee alumni Shubham Vishvakarma, Saurav Goyal, and Manikumar Uppala in 2021, Metastable Materials claims to be able to extract 90% of materials from Li-ion batteries, including plastics, with the use of its technology, which is yet to be patented.

The founders of Metastable Materials told Inc42 that they have developed ‘the world’s first chemical-free integrated carbothermal reduction process’ for recycling and extracting materials, such as copper, aluminium, cobalt, nickel, and lithium, from Li-ion batteries. 

The process has already been tested at the industrial level, and the technology, if scaled up, can help India and other countries in the Li-ion battery recycling space.

Metastable Materials competes with companies like Lohum, Attero, and ACE Green Recycling in the Li-ion battery recycling space in India. 

According to a JMK Research report, the segment, which stood at 2.9 gigawatt-hour (GWh) in 2018, is expected to reach a size of 132 GWh by 2030.

Breaking Down Li-ion Batteries For Industrial Use

Apart from lithium, Li-ion batteries comprise cobalt, nickel, bauxite, manganese, aluminium, and natural graphite,

As of today, two main Li-ion recycling processes have found their way into industrial usage globally – hydrometallurgy and pyrometallurgy. There is very low recovery efficiency in pyrometallurgy, and hydrometallurgy comes with higher material costs and a lot of complexity.

While many technologies are being tested globally, not many have found their way into industrial usage so far. 

Speaking with Inc42, Vishvakarma said that Metastable Materials has developed a one-of-its-kind mechanism to make the Li-ion battery extraction process more economical and efficient. 

He claimed that the materials extracted in the process are decently pure and not altered, which is sharply in contrast with the two other widely used methodologies across the world. 

The seed of this technology was sown when Vishvakarma was still in his college. He said that the science behind it was worked upon during the final years of his college, but Metastable Materials made the process ready for industrial use in the last one and a half years only.

Metastable factsheet

 

Besides being able to ensure more sustainability by recycling EV batteries, which can be potentially harmful if dumped in landfills year after year, the startup has taken a 360-degree approach to cleantech. 

After extracting the materials from Li-ion batteries, Metastable Materials looks at giving them back to battery manufacturers and other industries.

“If we look at the typical journey of recycling, the idea is to make new batteries out of old ones. That’s how a typical circular economy works. We believe that’s an outdated idea. Our focus is not on making new batteries out of the old ones,” said Vishvakarma, adding that the materials extracted from Li-ion batteries can be used in various industrial applications.

A Li-ion battery comprises 2% lithium and 98% other metals and minerals. Metastable Materials’ technology aims to extract all materials from batteries in their commodity form and supply those raw materials to different industries as per their respective requirements. 

For instance, lithium is used in lubricants, so it can go to lubricant manufacturers. Similarly, nickel is used in making stainless steel. 

Ready To Recycle Yet?

Metastable Materials was part of the eighth cohort of Sequoia Capital’s accelerator programme, Surge. Recently, it was able to raise Seed funding from Surge as well as other climatetech, deeptech venture capitalists like Speciale Invest and Theia Ventures.

Angels like Akshay Singhal and Kartik Hajela of Log9 Materials, and cofounder of fwdSlash Capital Archana Priyadershini also participated in the round.

While the startup has not disclosed the funding amount, the founders said the funds will be used to make the cleantech’s urban mining facility production-ready. Metastable Materials is setting up a 21,000 sq ft battery recycling facility in the Ramanagara district of Karnataka, on the outskirts of Bengaluru. It has almost completed all its R&D processes. 

Vishvakarma said that the startup is in talks with multiple companies to procure scrapped batteries and sell the extracted materials. 

“Since we are now setting up the facility, we haven’t gotten into any formal agreements,” said  Metastable Materials’ cofounder and COO Saurav Goyal. 

Besides, the startup has already filed for a patent for its technology, which is expected to take a few years before it gets approved. 

Meanwhile, EVs are on a rise in the country, leading to an increased number of batteries, and hence, more demand for lithium. But the country has to largely depend on countries like China for the import of the metal, as India is yet to establish itself as a lithium producer. 

However, industry experts, including Vishvakarma and Goyal, opine that if India can extract lithium from used batteries, the country can build its urban mine and reduce its dependence on importing the new ‘white gold’.

The post Metastable Materials: Meet The Scavengers Of Dead Li-ion Batteries appeared first on Inc42 Media.

]]>
Nysha Mobility Raises $3.5 Mn For Manufacturing EV Components https://inc42.com/buzz/nysha-mobility-raises-3-5-mn-for-manufacturing-ev-components/ Tue, 11 Apr 2023 16:59:33 +0000 https://inc42.com/?p=393700 EV components startup Nysha Mobility Tech (NMT) has raised $3.5 Mn in a combination of equity and debt funding. The…]]>

EV components startup Nysha Mobility Tech (NMT) has raised $3.5 Mn in a combination of equity and debt funding. The seed funding round saw participation from investors such as Touchstone Ventures, Panthera Peak Capital.

Nikhil Bhandarkar, Kelachandra Family office, Ghanshyam Dass (ex-CEO – Nasdaq Asia), Kanoria Family Office, Kiran Bulla, JCL Family Office, Pahwa family Office, Suraj Sreenath (DreamGains Financial), also participated in the funding round.

The startup plans to use the funds to develop technology to optimise its manufacturing process, increase the R&D of EV components and use IoT and AI in manufacturing. 

Founded by Siddharth Jain in April 2022, the startup caters to more than 40 clients, including Pranav Vikas, SUN Mobility, Ola Electric, IGOWISE and Virya Mobility. NMT targets to onboard more than 100 customers in 2023.

Nysha Mobility aims to transform the EV manufacturing ecosystem and solve challenges that EVs face due to extreme weather conditions, and high current requirements in conjunction with minimal space, which would lead to a tight bending radius and vibrations in vehicles.

On Monday (April 10), the startup inaugurated its first manufacturing unit in Karnataka to manufacture cables and harnesses to be used in battery packs, vehicles, and charging and battery swapping infrastructure. 

Addressing supply chain issues of the EV industry, Jain said, “The burgeoning landscape of OEMs and upcoming startups need state-of-the-art EV components to meet market needs speedily and effectively. At Nysha, we are addressing the supply chain axis with our unique and agile solutions and engineering capabilities. We have witnessed steady success in this endeavour, with growth in our customer base and OEMs and startups considering us as their partner from design to delivery.”

Chiming in, Nikhil Bhandarkar, the founder of Panthera Peak Capital, said, “The structure of global supply chains is changing, and India finds itself as the primary beneficiary of this shift.”

The startup counts EV startups and companies such as — Ola Electric, SUN Mobility, SEG Automotive, Log9, Pranav Vikas, Quantum, IGOWISE Green Tiger, Zen Mobility, Violin Technologies, Virya Mobility, and The Energy Company, amongst its clients.

In March, an Indian EV charging solutions startup CHARGE+ZONE raised $54 Mn in its Series A1 funding round. Before that, EV-as-a-service platform Zypp Electric raised $25 Mn in February. 

In India, the demand for electric vehicles has increased significantly. According to the Vahan data (as on April 1), total two-wheeler EV registrations grew almost 30% month-on-month (MoM) to 85,683 units last month. However, in February, these registrations grew only 2% MoM to 65,976 units from 64,637 in January.

In his recent address, Transport Minister Nitin Gadkari noted that EV charging stations were susceptible to cyberattacks and cyber security incidents just like any other technological application. 

The post Nysha Mobility Raises $3.5 Mn For Manufacturing EV Components appeared first on Inc42 Media.

]]>
EV Startup Magenta Mobility Raises $22 Mn From bp, Morgan Stanley To Increase Fleet Count https://inc42.com/buzz/ev-startup-magenta-mobility-raises-22-mn-from-bp-morgan-stanley-to-increase-fleet-count/ Wed, 05 Apr 2023 09:22:37 +0000 https://inc42.com/?p=392486 Mumbai-based electric mobility startup Magenta Mobility on Wednesday (April 5) announced that it has raised $22 Mn (about INR 180.6…]]>

Mumbai-based electric mobility startup Magenta Mobility on Wednesday (April 5) announced that it has raised $22 Mn (about INR 180.6 Cr) in its Series A1 funding round from UK-based energy major bp and Morgan Stanley India infrastructure.

Speaking with Inc42, the founder and managing director of Magenta Mobility said that the startup is planning to use the fresh funds to increase its fleet of vehicles, penetrate more cities across the country, and strengthen its overall tech stack.

“This investment is largely for three buckets, the first being scaling up – we have the mandate to have 4,000 vehicles deployed by this financial year. The second is investment into R&D and technology – we have always believed that you cannot copy-paste international solutions into India,” said Lewis, adding that the company was also looking to get into eight new cities, including Pune and Chennai, in FY24.

With around 800 three-wheeler EV cargo vehicles, the EV startup has its presence in seven Indian cities, including Hyderabad, Bengaluru, Delhi-NCR, and Mumbai. 

Magenta Mobility sources its three-wheeler EVs from Piaggio, Altigreen Propulsion Labs, Euler Motors, and Mahindra.

Founded in 2018 as a charging solution provider for EVs by Lewis, Magenta Mobility gradually shifted its focus on providing vehicle fleets for the logistics and last-mile delivery needs of various ecommerce companies. 

Currently, the startup works with companies like Amazon and Flipkart. Magenta Mobility is looking to join hands with more companies in segments such as pharmaceuticals, FMCG, and logistics.

While Magenta Mobility still functions as an EV charging solution provider, with 35 existing charging depots and more being deployed, its charging stations largely cater to the needs of its fleets. 

The startup recently opened its largest EV charging depot in Bengaluru last month. Lewis said that the partnership with Jio bp, which is part of bp’s joint venture with Reliance, will enable Magenta Mobility to deploy charging points at Jio bp’s mobility stations.

“Decarbonising the last mile is increasingly important in India as the ecommerce market is expected to grow fourfold by 2030, which will require the deployment of huge numbers of new vehicles this decade. With the Indian government setting an ambitious 2030 target for the complete transition to EVs for ecommerce, delivery, and transport logistics service providers, Magenta Mobility through its operations will help decarbonise Indian cities while helping meet demand in the fast-growing ecommerce delivery industry,” said Sashi Mukundan, president of bp India and senior vice-president at bp.

Magenta Mobility has grown its revenue 5X year-on-year since its inception, said Lewis. The startup is aiming at an 8X growth in its topline this financial year, with backing from the likes of bp and Morgan Stanley.

Also backed by the likes of HPCL, and JITO Angel Network, the startup has raised around INR 300 Cr so far. In 2021, it raised $15 Mn (INR 120 Cr) in a Series A funding round.

It must be noted that India’s burgeoning EV market is led by two main vehicle categories – two-wheelers and three-wheelers. While two-wheelers are finding adoption, both for personal and last-mile delivery purposes, the growing need for ecommerce and other online deliveries is increasingly leading to more three-wheeler penetration in the market.

Last month, CHARGE+ZONE, Magenta Mobility’s competitor in the charging infrastructure segment, raised $54 Mn in a Series A1 funding round.

The post EV Startup Magenta Mobility Raises $22 Mn From bp, Morgan Stanley To Increase Fleet Count appeared first on Inc42 Media.

]]>
How Blume-Backed Aerem Is Helping SMEs Transition To Solar Energy For Power Needs https://inc42.com/startups/how-blume-backed-aerem-is-helping-smes-transition-to-solar-energy-for-power-needs/ Mon, 03 Apr 2023 04:30:25 +0000 https://inc42.com/?p=392087 Despite being one of the largest contributors to the country’s GDP, India’s micro, small and medium enterprises are bogged down…]]>

Despite being one of the largest contributors to the country’s GDP, India’s micro, small and medium enterprises are bogged down in issues ranging from energy crisis and cost of power to unavailability of financing options. 

Not only this, even though MSMEs account for about 48% of the total energy consumed by the country’s industrial sector, the players of the space have failed to take any major advantage of the Sun-rich country. 

Understanding the gravity of the situation and the opportunity that many Indian MSMEs, otherwise fail to comprehend, Anand Jain founded Aerem in 2020. The startup aims to give the nation’s more than 635 Lakh MSMEs 360-degree assistance in the adoption of solar energy.

Jain, who holds an MA in Economics from the Delhi School of Economics and an MBA degree from Yale, has a long professional history of 15 years in the solar industry. He has also worked with some of the prominent names in the solar and financial service industries such as Lehman Brothers, SunEdison, and KPMG, among others. 

When he saw solartech emerging as one of the promising industries in India, he realised that solar rooftop adoption for MSMEs was not seeing an uptick. Subsequently, he decided to delve deeper into the issue and do something about it. This is how Aerem was born, he said.

“What we are building is a full-stack solution and an end-to-end ecosystem for rooftop solar, with a special focus on MSMEs. We are a solartech platform that provides a set of tools and services for installers. We handhold them and support them in the installation efforts. And then we provide financing for the solar. We have an NBFC exclusively for solar rooftop loans,” Jain told Inc42.

Boulders Eclipsing Solar Adoption In Bharat-Based MSMEs 

When Jain started out, he realised that there were two major issues that MSMEs in real Bharat were grappling with in their quest to go green — a lack of credit support from banks and reliability on solar means. 

To solve the financing issue, which is largely due to inadequate working capital, insufficient bureau score, and documentation, Aerem started offering collateral-free loans between INR 5 Lakh and 1 Cr for a tenure of 36-72 months to MSMEs. Apart from providing capital to MSMEs through its own NBFC, Aerem provides capital through its partner bank, Bank of Baroda.

To fix the second major hurdle, Jain focussed on providing quality solar plants to MSMEs through its tech platform registered under Aerem Asset Insurance. 

The MSMEs that Aerem is working with largely come from Tier 2 and 3 cities – places where the real Bharat is. Although the startup has its presence across North, South and West India, it has yet to expand its operations to East India. 

Currently, Aerem is earning money through its interest charged by offering loans on solar systems. Going forward, it is also planning to monetise its tech platform.

“We have so far helped many Bharat-based MSMEs slash their electricity bills by 40-60%, Jain claimed, adding that an MSME saves INR 4-5 per unit on average, depending on the usage. 

Aerem Profile

Aerem’s Customer Acquisition Strategy

According to Jain, the company’s customer acquisition strategy is simple — it focuses on MSMEs in real Bharat.

“We reach them via traditional methods that typically work in Bharat. So, to reach them, we engage ourselves in a lot of offline marketing activities and have field sales teams,” Jain said.

Along with on-ground sales teams, the startup acquires customers through its website and customer referrals.  

For MSMEs and industrial units, they do know that solar is a cheaper alternative, but they are often at a crossroads in terms of what to choose and whom they trust. Jain said that, with Aerem behind the scenes, he is trying to remove this trust deficit from the market.

Looking At A Greener Future

Aerem recently raised $5 Mn (INR 41 Cr) in a Pre-Series A funding round led by climatetech investor Avaana Capital. The round also saw follow-on participation from Blume Ventures and it includes debt financing of $1.5 Mn from financial institutions.

The startup has raised  $7.5 Mn since its inception

The startup wants to focus on growing its current asset under management (AUM) and loan book, although Jain resisted spilling the beans on current numbers. 

“We will also invest substantially in our marketing efforts in the next few months. You will see more visibility from us,” Jain said. 

The startup is also expecting to break even on the NBFC side of the business this year and set up a loan management system.

“We aim to solarise every roof in Bharat. We want to help create a cleaner tomorrow. Our vision is to create a triple-bottom-line impact — environmental, social, and financial. While India gets 300 days of sun, the time has come to fully harness the power of the Sun,” he concluded.

The Current State of Solar Affairs

Renewable energy capacity additions have been on a steady rise in India. The country added 2.5 gigawatts (GW) of solar open access in 2022, up 92% compared to the 1.3 GW installed in the calendar year 2021, according to a report by Mercom India. As of December 2022, the total installed solar open-access capacity was over 7.7 GW.

In contrast, India added 1.6 GW of rooftop solar capacity in 2022, down 4% YoY from 1.7 GW installed in 2021. 

On April 1, 2022, the Indian government imposed a basic customs duty of 40% and 25% on the import of solar panels and solar cells. According to industry experts, this surge in cost may have impacted the overall adoption sentiment. 

Experts believe a conducive and standardised regulation is needed in the area to foster India’s net zero emissions goals by 2070.

The post How Blume-Backed Aerem Is Helping SMEs Transition To Solar Energy For Power Needs appeared first on Inc42 Media.

]]>
How Web3 Startups Can Support Energy Conservation Efforts https://inc42.com/resources/how-web3-startups-can-support-energy-conservation-efforts/ Sun, 26 Mar 2023 16:30:50 +0000 https://inc42.com/?p=390939 Web2 brought evolution into the internet world with its inception and over a short period of time became a highly…]]>

Web2 brought evolution into the internet world with its inception and over a short period of time became a highly interactive, accessible, and easily navigable solution. Through seamless user experience and interfaces of Web2, developers were able to build upon existing models to create more innovative solutions to give rise to today’s ubiquitous, digitally-aware world. 

Further, with the advent of social media and ecommerce, internet usage and penetration have only increased. People, today, can share all their precious moments with one click. There are revenue-generating business models that are solely conducted on social media such as online businesses, content creators, influencers, etc. There are diverse channels for knowledge sharing, content sharing, and marketing. 

Additionally, people have started to rely on their smartphones for nearly all forms of real-world transactions such as exchanging texts, video calls, social interactions, networking, consuming a variety of content, making payments to merchants, paying bills, and more. But what do people risk for the augmenting usage and translucent online presence today? 

Ranging from increasing amounts of e-waste to data privacy and monopoly, humans have advanced from looking at technology as the next big invention to a necessary evil. With problems such as data breaches, fraudulent activities, and data mining to influence consumer behaviour affecting the Web2 world, Web3 has emerged as a top contender for a sustainable future which is secure, accessible, and user-controlled. 

Web3 may be the inherent next phase of the technological revolution, which also includes solutions that can help in improving the environment,  preventing climate change, augmenting sustainable development and advocating the green revolution. 

Energy Conservation Efforts

Energy conservation has been one of the chief goals for the world governments for quite a few years now and Web3 has been a major menace to energy preservation due to the widely used Proof-of-Work (PoW) mechanism. On the other hand, the other option, Proof of Stake (PoS) consensus, is capitalistic, non-scalable, and insecure. 

A revolutionary and innovative solution is a Proof of Context (PoXT) mechanism, a novel consensus algorithm which is based on a participant-centric ordering mechanism and provides a sustainable ecosystem. Additionally, PoXT provides true decentralisation and security benefits of a leaderless consensus, like PoW as well as the quick, simple and efficient benefits of a leader-based consensus, like PoS. This combines the best of both approaches without their drawbacks to create a simple and sustainable long-term solution. 

Furthermore, there are several Web2 elements whose excessive energy consumption has been flying discreetly under the radar of climate activists and administrations. Email service providers, for example, are responsible for excessive amounts of carbon emissions every time an email is sent with an attachment. According to sources, a normal email generates a carbon dioxide footprint of 4g and a long attachment can raise it to as high as 50g of CO2e.

Apart from that, there are numerous known security and privacy issues associated with sharing private documents, images, or videos over email. The large data centres across the world that process and store each email are the leading culprits of these issues. 

Furthering Data Privacy

These further carry the threats of data hijacks and breaches and one can never guarantee privacy or limit the information from spreading. With Web3 in the mix, there would be a sustainable way to mitigate these issues. As the inherent nature of the technology is immutability, one can be assured of the security surrounding the information and the transparency would prevent unnecessary duplication of documents. Also, there could be limited access to a particular document or piece of information, depending on the conditions inbuilt into the code by the sender. 

Web3 storage is another rapidly growing market which allows decentralised storage options that are scalable, cheap, and provide a secure and private network that lessens the risk of personal information leaking considerably. Public figures have been a prime target for similar hacks and shifting to Web3 storage can help reduce these malicious threats on a large scale. Furthermore, cloud computing has now become a saturated industry with a handful of networks having a market majority and these models are now looking at revenue models that are not sustainable and will only increase as network congestion increases. 

In the traditional sphere as well, Web3 is already being explored to revolutionise how documentation is created and processed. Currently, blockchain technology is being experimented with to create personalised NFTs that can contain unchanging personal information on the chain such as educational qualifications, land ownership documents, certificates, licenses, ID cards, etc, that ensure veracity and authenticity. This would also vehemently reduce paper consumption and further push the world towards sustainable living.  

The Rise Of Web3 & A Green Future 

With the recent acceleration of the Web3 metaverse, another key to green living has been unlocked, where air pollution, carbon emissions, fossil fuel consumption, noise pollution, and more can be expected to be reduced. 

As the world moved to an almost exclusively digital setting during the lockdowns, technology was quick to find innovative ways of interaction and networking. With the metaverse rising at record speed and becoming more realistic by the day, remote working, virtual meetings, online classes, online workshops, virtual sessions, etc, have been incorporated into the common man’s everyday life. This reduction in the use of vehicles can be a great boon for a green future and Web3 would have played a big part in its existence. 

With a young demographic taking the lead in this futuristic sector, general awareness and education around climate change, energy scarcity, fossil fuel consumption, sustainability, and environmental impact have been high as compared to other sectors. Within a decade of this technology rising and breaking records, the community was already looking into bringing in sustainable forms of processes, like the Proof of Context consensus, and has made significant changes to its fundamental processes to ensure it becomes environmentally friendly sooner rather than later. A number of Web3 projects today are fully focused on having sustainable solutions that do not damage the ecosystem and are suitable to meet the long-term needs of their users.

The post How Web3 Startups Can Support Energy Conservation Efforts appeared first on Inc42 Media.

]]>
How Battery Recycling Can Boost India’s EV Adoption https://inc42.com/resources/how-battery-recycling-can-boost-indias-ev-adoption/ Sat, 25 Mar 2023 06:30:07 +0000 https://inc42.com/?p=390670 India had pledged to be ‘Net Zero by 2070’ at the COP26 conference held in Glasgow, Scotland, in 2021. The…]]>

India had pledged to be ‘Net Zero by 2070’ at the COP26 conference held in Glasgow, Scotland, in 2021. The Nationally Determined Contribution (NDC) submitted by the Government of India to the United Nations Framework Convention on Climate Change (UNFCCC) emphasised a healthy and sustainable way of living based on traditions and values of conservation and moderation, including through a mass movement for ‘LIFE’ or ‘Lifestyle for Environment’ as a key to combating climate change.

In addition to prioritising an increased contribution of renewable energy to the country’s overall energy consumption, India also plans to promote a lifestyle that is sustainable for our planet. One of the prominent features of the updated NDC is to enhance India’s manufacturing capabilities and exports in the clean energy sector, like zero-emission vehicles like electric vehicles (EVs).

Sustainable mobility through EVs is one of the ways that many countries worldwide are adopting to decarbonise their cities and minimise the impact of transportation on their total greenhouse gas emissions. However, the target for widespread EV adoption, like India’s goal for 30% EV penetration by 2030, for day-to-day use is easier said than done.

Exotic Materials

Firstly, the materials required to build an EV are exotic in nature. Metals like cobalt, lithium and nickel are expensive and essential to manufacture the lithium-ion batteries that power up the drive for decarbonisation. But the availability of these metals is limited and restricted to only a handful of geographies across the globe. 

For example, 70% of the cobalt reserves are estimated to be confined within the boundaries of the Democratic Republic of Congo (DRC), which is infamous for its mining practices due to several mafias trying to gain control of this precious resource by exploiting locals as forced labourers. 

Recycling Of EV Waste

Secondly, once the EVs, specifically their lithium-ion batteries, have fulfilled their primary purpose, it becomes imperative that the ‘waste’ generated at the end is dealt with responsibly lest we repeat the ecological impacts of reckless usage of plastics to drive consumer growth at scale. Gigantic recycling facilities for lithium-ion batteries can be established to mitigate the effects of both issues to a certain extent, more so for the latter than the first.

Recycling lithium-ion battery waste generated from used electric vehicles can support the lithium-ion cell manufacturing industry, and consequently the EV industry, by providing a ‘green’ alternative to the supply of crucial metals like cobalt, lithium and nickel. Until now, the industry has been entirely reliant on importing these metals from other countries and has been subject to constant geopolitical tensions between nations eyeing dominance over the global supply chain. 

The supply of recycled materials also goes in line with the government’s mandate under the Battery Waste Management Rules, 2022, that the producers of lithium-ion cells and batteries must use a minimum percentage of recycled materials, ranging from a minimum of 5% to even more than 40% of the total dry weight of a battery pack.

Another critical aspect of these rules is that recyclers must also maintain minimum recovery percentages to ensure that unscientific methodologies are not implemented that are detrimental to the entire cause of reversing climate change. 

One of the consequences is that recyclers will be pushed to extract more value from the waste and, possibly, pass on the monetary benefit to the end consumers via OEMs through buyback schemes to reduce the overall lifecycle cost of a battery pack. This reduction in the price of lithium-ion batteries for EVs can be highly significant because they currently constitute almost 50% of the total cost of an electric vehicle. As the vehicle cost goes down, the mass adoption of EVs should pick up pace in tandem and, thus, help India achieve the target of Net Zero by 2070 by supporting the EV industry.

Responsible Supply Chain

Lastly, and most importantly, when a supply chain is established by recyclers to collect the dead batteries from end consumers, it would ensure that the precious resources contained within this apparent ‘waste’ are not lost. Dumping these batteries in landfills is like waiting for a time bomb to go off, causing massive fires and health hazards for the local communities. 

Once the reverse logistics mechanism is set up and eco-friendly recycling technologies are deployed, the EV industry can focus solely on providing affordable electric vehicles for the masses. The recycling industry can stand in to fulfil the supporting role for not only the growth of EVs but also for the country and humanity as a whole.

The post How Battery Recycling Can Boost India’s EV Adoption appeared first on Inc42 Media.

]]>
Global Recycling Day: What’s Really Happening In India’s Li-ion Battery Recycling Space? https://inc42.com/buzz/global-recycling-day-whats-really-happening-in-indias-li-ion-battery-recycling-space/ Sat, 18 Mar 2023 14:22:26 +0000 https://inc42.com/?p=389441 As the world celebrates Global Recycling Day today (March 18), we took upon ourselves the responsibility to mainstream the conversation…]]>

As the world celebrates Global Recycling Day today (March 18), we took upon ourselves the responsibility to mainstream the conversation around the recycling of lithium-ion (Li-ion) batteries and cells, as their use is multiplying at a rapid pace due to the growing adoption of electronic components and electric vehicles (EVs).

At a time when countries across the globe are determined to meet their respective net zero emissions goals, the current state of affairs around a sustainable EV ecosystem seems to be in the doldrums. However, we cannot ignore the fact that there is also a sense of urgency among many nations to fix this once and for all.     

Many industry experts that Inc42 spoke with on Global Recycling Day say that India, too, needs to up the ante and do more when it comes to creating a sustainable infrastructure to support the recycling of Li-ion batteries and strengthen its management.

In August last year, the Indian government notified the Battery Waste Management Rules, 2022, for more eco-friendly management of waste batteries across industries, including EVs. The new rules also made various stakeholders of the EV ecosystem responsible for recycling the batteries.

Based on the concept of Extended Producer Responsibility (EPR), producers, including importers of batteries, are responsible for the collection and recycling/refurbishment of waste batteries and the use of recovered materials from wastes into new batteries.

However, according to industry experts, it is unclear how far these propositions are being implemented on the grass-roots level. 

For instance, the founder and CEO of Lohum, Rajat Verma, believes that the government laying out target-based battery waste management rules is a very healthy development, but there is a need for clear regulations around the safe transport of batteries and upscaling the capacities of battery logistics companies. 

Lohum is a cleantech startup that produces sustainable battery raw materials through recycling, repurposing, and refining. The startup has raised over $20 Mn so far and is backed by the likes of Baring Private Equity Partners.

Echoing a similar concern, the cofounder and MD of battery manufacturing startup Log9 Materials, Pankaj Sharma, says that it is crucial to either penalise or incentivise stakeholders in the EV and battery recycling space, particularly for Li-ion batteries, to create a sustainable recycling ecosystem in the country.

A few startups in the Li-ion battery recycling space include Attero, Metastable Materials, Ziptrax Cleantech, and ACE Green Recycling, among others.

Where’s The Big Gap?

Today, the country is more focused on increasing the number of EVs on Indian roads, and for this, the central and state governments are coming up with newer and better EV policies every now and then. 

It is because of this heightened focus that EV and battery manufacturing startups are getting all the limelight while leaving the stakeholders of battery recycling startups somewhere behind in the race.

Despite everything that is being said and done, the creation of a strong ecosystem to foster the recycling of Li-ion batteries stays imperative in achieving the country’s net zero emissions goals and demoralises its dependence on the import of lithium from China or other lithium-rich nations of the world.

“The world is heading towards the electrification of the transportation sector to fight the climate change crisis and make a sustainable future. But, there is a need for an appropriate recycling process for the Li-ion batteries that power EVs, which will help India to truly achieve the net zero target,” says the cofounder and COO of Metastable Materials, Saurav Goyal. 

“This will also help the country take the lead in EV manufacturing, as it will reduce India’s dependency on the imports of the raw materials needed to make Li-ion batteries,” Goyal adds.

It is pertinent to note here that in Li-ion batteries, which largely comprise lithium, cobalt, nickel, bauxite, manganese, aluminium, and natural graphite, almost 95% of valuable materials can be recovered. However, studies done globally suggest that 95% of Li-ion batteries today end up in landfills, and only 5% are recycled and reused. 

As per a JMK Research report, the annual Li-ion battery market in India is set to reach 132 GWh in 2030. This increase in volume would, in turn, lead to a rise of ‘spent’ batteries in the ecosystem, which, if left unattended, would become a health and environmental hazard. 

Also, except for manganese and graphite, all the other raw materials used in Li-ion batteries are hardly available in India. Moreover, India and most other countries are heavily dependent on China for lithium. 

Although India has recently discovered 5.9 Mn tonne reserves of lithium in the Reasi district of Jammu and Kashmir, it is only an inferred estimate and the actual reserve size may differ. Experts believe that it would take at least 5-10 years for the discovery to have any direct impact on the country’s burgeoning EV ecosystem.

According to Log9 Materials’ Sharma,“By importing Li-ion batteries in huge quantities over the last few years, we have already created a mine of our own, an urban mine, in the country.”

In fact, according to the JMK, the recycling market in India was to gain momentum from 2022 when Li-ion batteries started reaching their end of life. 

But the batteries have not yet started coming back into the system, in the recycling industry, in large volumes, Metastable Materials’ Goyal points out. 

Further, it must also be noted that there are multiple challenges associated with recycling Li-ion batteries, including its high cost and cumbersome process, and the industry has not really taken off in India or globally.

The Problem Statement

As per Sharma, compared to lead-acid batteries, recycling Li-ion batteries is more difficult. In Li-ion batteries, typically the amount of lithium is about 2%, which makes it a challenge to extract lithium from the other materials in the recycling process. Also, lithium is highly flammable if it gets exposed to moisture and air, so the Li-ion batteries need to be extracted for materials in a climate-controlled chamber.

“Recycling in India is done by engaging unskilled workers or labourers, and it is a very unstructured industry. But Li-ion recycling cannot be done that way. It needs sophisticated infrastructure, facilities, engineers, and dedicated resources and capital,” Sharma adds.

Hence, it’s an industry that needs to be built. Besides, the economic variability of this extraction process is also not great. Therefore, India is not leading the show in this area, he believes.

The process of extraction involves three broad steps – breaking the batteries and extracting cells from them, taking the jelly roll and crushing it into a black mass, and purifying the black mass to extract materials. 

“When you add the energy that goes into doing this, it is cheaper right now to buy a new cell than to buy the raw products that come out of recycling,” Sharma observes.

Globally, two main processes are most commonly used for Li-ion battery recycling –  hydrometallurgy and pyrometallurgy. While pyrometallurgy has very low recovery efficiency and the recyclers are left with a very less quantity of minerals like copper, nickel and cobalt, hydrometallurgy comes with higher material costs and complexity due to the use of a technique called leaching.

However, currently, more research is being done globally to make this process easier and more efficient. 

Experts say that this is high time for India to buckle up its research and development in the recycling space and stabilise the market. This is because, in the next three to four years, the volume of EV batteries used by EV OEMs is going to increase sharply, as the life of a Li-ion battery is around two years.

The Road Ahead Seems Charged With Opportunities

Helped by India’s ambitious Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME) scheme, India has been able to increase its EV manufacturing and adoption significantly over the last two years. As per the latest data, India has 21.7 Lakh registered EVs.

The Indian government is aiming at 3 Cr EVs to run on roads by 2024. 

While the problem statements are many, it is also comparatively easier to put the EV batteries back in the recycling system as they are larger compared to the other smaller Li-ion batteries used for various electronic devices. Hence, their chances of ending up in landfills are lower, Goyal opines. 

Further, according to  Lohum’s Verma, given the rising costs of mined battery raw materials, finite natural reserves, and enormous carbon footprint of mining, the widespread adoption of battery recycling and repurposing stands as a key trend to sustain the global transition to battery power. He believes that the battery recycling industry is expected to upscale significantly within the decade.

Going by the battery manufacturing targets set by NITI Aayog under its Energy Storage Mission by 2030, the cumulative li-ion battery recycling market is estimated to be about 160 GWh, notes the JMK research.

While various industry sources have said that these targets are highly ambitious and difficult to achieve, industry experts see a silver lining amid the battery recycling market picking up pace in the next few years.

The post Global Recycling Day: What’s Really Happening In India’s Li-ion Battery Recycling Space? appeared first on Inc42 Media.

]]>
How Cleantech Startups Are Using Tech To Tackle The Climate Crisis https://inc42.com/resources/how-cleantech-startups-are-using-tech-to-tackle-the-climate-crisis/ Wed, 08 Mar 2023 13:30:31 +0000 https://inc42.com/?p=387807 The disparity and mismatch between countries emitting greenhouse gases and countries suffering from climate disasters is startling. Afghanistan emits under…]]>

The disparity and mismatch between countries emitting greenhouse gases and countries suffering from climate disasters is startling. Afghanistan emits under 0.03% but is one of the most vulnerable countries to climate change. On the flip side, the USA, one of the most advanced and developed countries in the world, contributes 20% of greenhouse gas emissions. Since 1850, the USA has emitted over 500 Bn tonnes of greenhouse gases. 

Developed countries must adopt sustainable practices as soon as possible. Even though per capita emissions in lower-income third-world countries are very low, it is the poor and countries near the equator that are paying the price for rising temperatures. Billions of dollars are being invested as a show of faith in our scientific communities to find solutions. The magic to curing climate change lies in our ability as a species for ingenious innovations

Green Cement 

The world is expected to add more than 2 Tn square feet of new building space by 2060. That is equivalent to adding another New York City every month for the next 40 years. Thus, the materials that we use to build our homes ought to be unpolluting. 

Limestone emits a large amount of CO2 during the cement-making process. Some companies are now redirecting this CO2 to the beginning of the manufacturing process, making the cement much more durable, and emitting very little CO2 thereafter. If we replaced all of the cement we use today with green cement, it would be equivalent to removing 100 Mn cars from the road and planting 500 Mn acres of trees each year.

Lab-Grown Meat 

Around 24% of greenhouse gas emissions are from the agriculture and livestock sectors. Meat accounts for 60% of emissions from food production. Since grazing animals requires a lot of land, the meat industry is the biggest contributor to deforestation. Livestock is also responsible for methane production, a gas that has 20 times more warming power than CO2. Lab meat is created by proliferating animal cells in a controlled lab environment. Lab-grown meat has come very close to mimicking the flavour of real meat. 

Plant-based meats have also become quite trendy. Mock meat companies are gaining traction with customers and funding from investors. McDonald’s has made plant-based meat available in stores in countries such as the United Kingdom and Germany, and it’s only a matter of time before it becomes commonplace.

Carbon Capture & Storage

Direct air capture systems suck large amounts of polluted air out of the environment. The fact that it is far too expensive to build has been a major impediment to its spread. In 2021, 40 Mn tons of CO2 were captured by CCS projects. That is just 0.1% of our total emissions. By 2030, it is expected we will expand our carbon capture capacity by six times. 

These systems need to be near the source of emissions, so the key lies in making the economics of it attractive, incentivising companies to undertake such expensive projects. Many oil and gas companies now use CCS and sell the captured CO2 to other industries that can use it, such as soft drink and fertiliser companies.  

Significant advances in energy storage and battery efficiencies have also made renewable energy and EVs a part of the average person’s daily life. The key is to make advanced technology affordable and accessible to consumers and businesses and to familiarise them over time so that these breakthroughs do not remain niche and alien concepts.

The post How Cleantech Startups Are Using Tech To Tackle The Climate Crisis appeared first on Inc42 Media.

]]>
GITA Grant Awardee Virtual Forest Looks To Write India’s EV Growth Story https://inc42.com/buzz/bengalurus-virtual-forest-to-fuel-indias-ev-space-with-new-motor-controllers-receives-gita-grant/ Tue, 14 Feb 2023 16:01:35 +0000 https://inc42.com/?p=384252 In sync with the government’s vision to boost the electrification of vehicles and manufacture associated components in the country to…]]>

In sync with the government’s vision to boost the electrification of vehicles and manufacture associated components in the country to boost the EV ecosystem, Bengaluru-based electronics design startup Virtual Forest has now started to develop ASIL-certified motor controllers for electric three-wheelers in partnership with Israel-based Redler Technologies. 

The companies have received a $4 Mn grant from the Global Innovation & Technology Alliance (GITA) to develop the component. 

The grant is part of the India-Israel Industrial R&D and Technological Innovation Fund (I4F), a cooperation platform between the Indian government’s Department of Science and Technology (DST) and the Israel Innovation Authority (IIA), the Government of Israel. 

Virtual Forest is infusing $1 Mn in the project and receiving $1 Mn each from DST, IIA, and Redler Technologies.

“In our 24-month journey, we look at developing this future-ready controller for electric vehicles in light logistics space,” Sandeep Kejriwal, COO and CFO of Virtual Forest told Inc42. 

“While the EV ecosystem is maturing, we are now working on a design which meets international safety standards. This is a big step forward for a startup like ours where there is a recognition of our design capability,” Kejriwal added.

However, it was not easy for Virtual Forest to receive this grant. Kejriwal explained that the startup had to submit a very comprehensive proposal and go through rigorous audits by professors from IIT and IISC. Its Israeli design partner Redler Technologies, too, had to go through the same rigorous process.

“We are one of the few Indian startups to have been approved by the DST, without affiliations to academic institutions or large corporate bodies. Moreover, we have been awarded the maximum applicable grant amount,” said Omer Basith, the CEO and cofounder of Virtual Forest in a statement.

Basith told Inc42 that the EV motor controller is still in its design stage and is expected to enter commercial production stage by the end of 2024. 

“There is going to be a significant design and development cycle followed by a very long certification and trial cycle associated with this,” said Basith. He added that the controller prototypes will be ready by the third quarter of 2023.

Founded in 2019 by Kejriwal, Basith, Nazir Tolagi, Ravi Sajjan, and Gajanana Palkar, Virtual Forest has expertise in motor control electronics and human interface technologies. In its early days, the startup was largely focussed on the home appliances segment, particularly in air conditioners. 

In the EV space, the startup has already built a motor controller, Rayon 70A, for electric two- and three-wheelers in collaboration with Redler Technologies. It claims that the controller is half the size of the Chinese controllers, and can power motors up to 6KW, delivering 15%-20% extra range, and operate in a temperature range of -40°C to 85°C.

With its latest project to develop an ASIL-certified EV motor controller for three-wheelers, Virtual Forest is looking to foray into the sunrise space of electric mobility.

The startup has picked the light logistics segment because it sees certification gradually becoming mandatory for controllers for these vehicles, which is already mandatory for the four-wheeler segment. 

“Currently the ecosystem is dependent on importing controllers from China and other countries, which are not ASIL certified,” Kejriwal said. With this project, Virtual Forest also caters to the government’s priorities such as ‘Make in India’, carbon emission reduction, and others.

What’s Next For The Gamechangers

Virtual Forest last raised funds in a Seed round in 2020 from Napino Auto & Electronics. So far, it has raised no institutional funding but is in active talks to raise its next round of around $5 Mn in the next few quarters.

The startup said that its next fundraiser should help it with a runway of 24 months. It would use the new funding to ramp up its R&D capability and widen its talent pool.

“While we found ways for us to fund our growth and development through our revenues from appliance business, and also through grants and other projects in the EV space, we believe that we need to expand at a quicker pace,” said Basith.

With the home appliances market currently being its biggest source of income, Virtual Forest is aiming to clock a GMV of about INR 150 Cr by the end of FY23. It is also targeting a GMV of INR 400 Cr in the next fiscal year. 

Helped by the Indian government’s policies around EVs and startups in the space, the domestic EV market is projected to grow at a compound annual growth rate (CAGR) of 49% between 2022 and 2030, hitting 1 Cr units of annual sales by 2030 while creating 5 Cr direct and indirect jobs, as per the Economic Survey 2022-23.

In 2022, 0ver 10 Lakh EVs were registered across vehicle segments, which was led by two- and three-wheeler adoption. The number has almost touched the 1.5 Lakh mark this year.

The post GITA Grant Awardee Virtual Forest Looks To Write India’s EV Growth Story appeared first on Inc42 Media.

]]>
Union Budget 2023 Growth Oriented But Needed More Specifics For The EV Sector: Experts https://inc42.com/buzz/union-budget-2023-growth-oriented-but-needed-more-specifics-for-the-ev-sector-experts/ Wed, 01 Feb 2023 18:47:46 +0000 https://inc42.com/?p=382073 Among several important announcements made during the Union Budget 2023, ‘green growth’ took the centre stage as finance minister Nirmala…]]>

Among several important announcements made during the Union Budget 2023, ‘green growth’ took the centre stage as finance minister Nirmala Sitharaman kept stressing on achieving the country’s net-zero goals by 2070, efficient energy use across sectors, and bolstering the overall economy with the help of greener practices.

In fact, this year’s budget adopted green growth as one of the seven priorities, including youth power, financial sector, infrastructure and investment, and inclusive development, among others. 

“We are implementing many programmes for green fuel, green energy, green farming, green mobility, green buildings, and green equipment, and policies for efficient use of energy across various economic sectors,” said Sitharaman during her Budget speech on Wednesday (February 1). 

“These green growth efforts help in reducing carbon intensity of the economy and provide for large-scale green job opportunities,” she added

From allocating INR 35,000 Cr for priority capital investments towards energy transition and net zero objectives to extending the customs duty exemption on the import of capital goods and machinery required for the manufacturing of lithium-ion (Li-Ion) cells needed for electric vehicle (EV) batteries, the Union Budget was largely in sync with India’s green goals.

While the announcements largely got lauded by the overall EV ecosystem, it must be noted that this year’s budget has stayed away from implementing any significant changes in the existing norms and policies aimed towards incentivising EV manufacturing.

Before we delve deeper into analysing the impact of this year’s budget on the EV ecosystem, let’s first take a look at the announcements made to achieve the green goals:

  • Battery energy storage systems with a capacity of 4,000 MWh to be supported with Viability Gap Funding 
  • An outlay of INR 35,000 Cr for priority capital investments towards energy transition and net zero objectives
  • Excise duty exemption on GST-paid compressed biogas containment 
  • 100% custom duty exemption on the import of capital goods and machinery for Li-ion cells 
  • Basic customs duty rates on goods other than textiles and agriculture reduced to 13% from 21%
  • Subsidies on EV batteries extended for one more year
  • Allocation of adequate funds to the states to scrap old polluting vehicles 
  • Mention of a Green Credit Programme under the Environment (Protection) Act 

However, it must be noted that the EV industry had several other expectations pertaining to tax rate simplification, subsidies, and more, which all remained unaddressed.

Will This Provide A Major Boost To The EV Sector?

The EV industry was looking forward to some crucial developments in this budget, including making EVs a part of the Priority Sector Lending (PSL) so that their financing can become cheaper, extension of the FAME-II scheme, and unification of GST rates for vehicles and spare parts.

While remaining positive on ‘green’ being a dominant theme in the budget, Amit Gupta, CEO and cofounder of Yulu said, “ It is a growth-oriented budget but we would have liked to see some more specifics for the EV sector – like harmonization and simplification of GST along with the reduction to 5% for float batteries would give a fillip to EV adoption.”

“Green cities and green mobility can contribute significantly to India’s net zero commitment. While we await details, building city infrastructure and urban policies that prioritise alternative mobility solutions like subsidised land allocation, parking zones, and dedicated lanes along with subsidised power supply to battery swapping networks will accelerate the nation on its green journey,” Gupta added.

He, however, noted that lowered duties for encouraging Li-ion cell manufacturing in India will help lower the cost of batteries and foster the EV ecosystem in the long term.

It must be noted that under the government’s Make In India initiative, domestic manufacturing has taken a front seat, and the government has already taken several measures to enable Li-ion battery manufacturing in India. 

However, due to a lack of access to raw materials, including lithium, India still remains heavily dependent on countries like China for Li-ion cells and, in many cases, for batteries as well. And batteries constitute almost 50% of the total cost of EVs, hence, if prices of EV cells and batteries increase, it would ultimately pin holes in people’s pockets.

To boost domestic cell manufacturing, the Indian government introduced a Production Linked Incentive (PLI) scheme in 2021, with an estimated outlay of INR 18,100 Cr.

But EV manufacturing and adoption have been quicker so far, compared to the wholesome development in the overall EV infrastructure.

Prominent EV manufacturers, including Ather Energy, Ola Electric, Altigreen Propulsion Lab, have started manufacturing EV batteries in-house, but the larger section of the market still remains dependent on importing the batteries. While Li-ion cells for batteries are still majorly imported, a few players like Log9 Materials and Ola Electric have started cell manufacturing as well.

“The announcement of the extension of subsidies on EV batteries for one more year coupled with the decision to continue the concessional duty on Li-ion cells for batteries for another year is helpful. However, we look to the government to extend these for three years to provide a stable policy environment for the industry,” said Amitabh Saran, founder and CEO of Altigreen Propulsion Lab.

Meanwhile, Maxson Lewis, founder and managing director of Magenta Mobility said that the continuance of the concessional duty on Li-ion cells for batteries for another year is needed for the fledgling EV and battery storage industry and will go a long way in increasing adoption via low cost of transition for the end user.

However, he said that the budget has the heart in the right place for green initiatives, but it is “not path-breaking overall”.

Also, as per Lewis, it remains to be seen how the allocation is laid out for the INR 35,000 Cr fund announced as a priority capital investment to achieve the net zero carbon emission target.

Not A Path-Breaking Budget?

From battery charging and swapping infrastructure to battery recycling, the EV space requires immediate and more prominent government focus in these areas to ensure a uniform building up of the EV space. However, the budget lacked any concrete announcements pertaining to the overall infrastructure development. 

Saurav Goyal, cofounder and COO of Metastable Materials opined that the government needs to focus on battery recycling as well. 

“…along with focusing on green energy growth, the government should have also introduced some policies regarding solving the major problem which pertains to the EV industry – recycling of the batteries. This will help the government to eliminate any future hurdle in achieving the net zero target,” Goyal said.

The Indian government published the Battery Waste Management Rules, 2022, in August last year to ensure environmentally sound management of waste batteries. It mandated a minimum level of recovery of materials from waste batteries. However, there has been no further update on the steps taken to ensure the changes, thereafter. 

Meanwhile, this budget came at an important juncture when India has taken a significant step forward in EV adoption and manufacturing across vehicle segments. In 2022, India’s EV registrations crossed the 10 Lakh mark for the first time. On the other hand, the country has already seen EV registration of over 1 Lakh within a month of entering 2023.

In 2022, Union Transport Minister Nitin Gadkari has set an expectation that the number of EVs in India would go up to 3 Cr by 2024. 

In Economic Survey 2022-23, the Indian government said that the domestic EV market is expected to grow at a compound annual growth rate (CAGR) of 49% between 2022 and 2030 and hit one crore units of annual sales by 2030. 

“The EV industry will create 5 Cr direct and indirect jobs by 2030,” the report noted.

While the government has taken some major steps to incentivise the EV sector growth and help the industry leapfrog in the last two years, the requirement would be the same going forward, as EV is still a nascent industry in India.

“We would like to see more being offered in terms of incentives for the entire EV Infrastructure sector… India could quickly become the global hub for EV, and we would have liked to see more incentives to encourage domestic manufacturing in the sector,” said Arjun Sinha Roy, cofounder of iRasus Technologies.

However, from the investment perspective, the cleantech space continues to be lucrative following the budget.

“We knew that the government is serious and positive about the new zero goal but this budget reinforces that direction and makes it even more clearer,” said Arpit Agarwal, director at Blume Ventures, which has investments in ElectricPe, Battery Smart, and Yulu. 

“Government is not closed on making any changes whether in GST or customs or anything else during the course of the year. So, this is not the only available window. We are hopeful that more changes might happen irrespective of budget,” Agarwal added.

The post Union Budget 2023 Growth Oriented But Needed More Specifics For The EV Sector: Experts appeared first on Inc42 Media.

]]>