Clean Electric Gets 2.2M USD Seed Funding From Climate Angels
Climate Angels has invested in Clean Electric, an innovative energy storage solutions start-up, and also helped them raise $2.2M in a seed round led by Kalaari Capital, an early-stage venture capital firm based in Bengaluru. The round also saw participation from LV Fund, 7Square Ventures, and CIIE Regional Innovation Foundation.
Clean Electric’s proprietary battery technology seeks to address pressing safety & performance issues for EVs like battery fires, long charging times and frequent battery replacement. With the funding received, Clean Electric plans to set up a manufacturing facility in Pune to produce 5,000 battery packs per month.
“Our aim is to enable Mankind’s shift from Fossil Fuels, and batteries have been the hardest part of this transformation. By providing dependable, safe, and performant Energy Storage Solutions, we believe we can add immense value to the EV and RE ecosystems” said Abhinav Roy, Co-Founder, and CTO of Clean Electric.
Founded in 2020, Clean Electric manufactures, designs, develops, markets, supplies and provides after-sales of advance energy storage solutions for mobility & stationary storage applications as well as related energy infrastructure & services. The company has built liquid-cooled battery solutions for 2 Wheelers, 3 Wheelers, and Battery Swapping applications.
“Clean Electric is delivering on the much-needed innovation in battery technology suitable for India. The patents the team has filed introduce direct liquid cooling technology wherein the cells of the battery are 100% in contact with a coolant which ensures maximum safety (fireproof), 25-minute charging and a 1.5x longer life span. Their solutions can also be exported to several countries in the global south that are dealing with similar issues around EV safety and performance.” said Sumeet Singh, Partner at Climate Angels.
The company’s products have been in pilot testing with multiple vehicle OEMs across the country, having undergone more than 30,000 Kms of on-road testing. Compliant with AIS-156 Phase 2 guidelines (to be implemented from March 2023), the products are expected to be ready for certification tests before year-end.
Clean Electric also plans to use the funds towards expanding its R&D, sales, & operations teams, as well as for developing new products around Faster Charging, Renewable Energy Storage, and Battery Swapping.
Overall, EV penetration is less than 2%. In order to transition to an all-electric future, India needs robust electric vehicles and charging infrastructure. Current EVs take 3-4 hours to charge making it inconvenient for users, while unpredictable battery life makes it difficult for the NBFCs & Banks to finance these vehicles. On top of this, multiple reputed EV OEMs vehicles’ catching fire & resulting casualties have eroded the confidence of customers and created safety concerns in their mind.
