Grinntech, a startup that specializes in lithium-ion batteries for electric vehicles and had many energy storage systems, on Thursday announced it closed a round of $2 Mn from a set of high net worth individuals (HNIs) and senior people from the automotive industry.
Grinntech was founded in 2013 by Nikhilesh Mishra and Puneet Jain, the IIT-Madras incubated startup is consistently working towards fast adoption of EVs into the masses.
“It was always our dream to create a technologically advanced lithium-ion battery product-line that was built-to-cost for Indian conditions along with its production system. We are hopeful that we will catch the fast-growing wave for EV products by Indian customers,” said the co-founders.
Some of the investors in Grinntech include Dr. V Sumantran, former Vice-Chairman of Ashok Leyland Ltd, and Lakshmi Narayanan, co-founder and former Vice-Chairman of Cognizant.
“Apart from affordable, high-quality batteries that employ customizable and superior thermal management, we anticipate EV makers and customers will soon require additional capabilities like battery performance analytics and connectivity. With our innovative product range and sophisticated IoT-enabled BMS systems, we are ready for this future,” said Nikhilesh.
The company also looks at new standards of safety, intelligent controls, energy-density, power-management, long life, and reliability.
Dr. V Sumantran said, “In the coming years, market conditions will reward those EV battery makers that possess technological and operational competence. Grinntech’s combination of performance, quality, and economics will play an important role in that journey.”