Other Private Equity/Strategic Investments
Energy storage player Cygni raises $12.5 M led by Meridian Global Ventures
Hyderabad-based energy storage company Cygni Energy has raised USD 12.5 million (around INR 100 crore) through a combination of equity and debt. The equity funding was led by Meridian Global Ventures and debt, by Indian Overseas Bank. The funds will be used to set up a greenfield manufacturing facility in Telangana. The company has recently acquired a land parcel in the state under the state EV policy. The greenfield project will produce 40,000 battery packs per month, with 1.2 GWh annual capacity, when all the lines are fully operational.
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