PE-VC Fund Investments
Energy storage firm Offgrid Energy raises $15-M
Noida-based energy storage solutions startup Offgrid Energy Labs has raised USD 15 million in a Series A funding round led by listed specialty chemicals manufacturing company Archean Chemical Industries with participation from existing investor Ankur Capital.Most of the fresh proceeds will go into setting up the firm’s 10 megawatt hour (MWh) UK demo manufacturing facility, which will act as the testbed for the company’s ZinGel technology-equipped batteries before commercialisation, after which the company plans to set up its first gigawatt facility in India.Founded in 2018 by Tejas Kusurkar, Rishi Kant Srivastava, Brindan Tulachan, and Ankur Agarwal at SIIC-IIT Kanpur, Offgrid Energy Labs focuses on delivering commercially viable and sustainable stationary energy storage solutions for three key applications: peak shifting, net-zero industrial electricity, and decentralised off-the-grid energy solutions.
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