Indi Energy receives seed fund from Mumbai Angels

16 Jul 2021 CW Team

Energy storage start-up, Indi Energy has raised seed fund from Mumbai Angels Network, a start-up investment platform for early-stage venture investment.

The funding will be used to improve its research and development activities and scale up its proprietary sodium-ion battery technology, said Indi Energy.

The start-up company claims to have achieved a breakthrough in sodium-ion batteries, with its energy density three to four times higher than commercialised lead-acid batteries. A patent is filed for its sodium-ion batteries by the company.

The negative electrode of the sodium-ion battery is formed from materials like cattle manure and paddy straw, which would further resolve the issue of burning rice or paddy straws and convert them into a valuable energy source.

The company intends to produce energy storage technologies such as lithium-ion and sodium-ion batteries, supercapacitors, and solid-state batteries. It also envisions producing high-performance battery technology for various applications.

Co-Founder and Chief Executive Officer (CEO) of Indi Energy, Akash Soni, told the media that the company’s goal is to produce low-cost, safe, and high-performance sodium-ion batteries manufactured from agricultural waste and bio waste from the earth. Further, reducing the company's dependence on scarce elements such as lithium, cobalt, and nickel.

Co-Founder and CEO, Mumbai Angels Network, Nandini Mansinghka, told the media that this funding will help Indi Energy to improve its operations and ramp up infrastructure to stimulate growth.

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Also read: ION Energy raises $3.6 million from Amazon's Climate Pledge Fund

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