Grinntech, a start-up that specialises in lithium-ion batteries for EVs and energy storage systems, has closed a bridge funding round of about $2 million, which was fully subscribed by the existing investors.
The Chennai-headquartered company also announced the launch of its new Finch and Monal series of batteries and an order to develop a larger pack incorporating advanced thermal management and utilising Grinntech’s proprietary battery management system for a US-based vehicle manufacturer.
“On the back of the recent announcement from the Government of India, increasing the subsidy for EV 2-wheelers and 3-wheelers by 50 per cent, we have already seen increased orders and enquiries. With this bridge funding secured, our plans for growth of our business remain on target,” said Puneet Jain, Co-Founder and Director of Grinntech.
In the last one year, the company added the new Finch-series for the growing demand for 48V packs for 2-wheelers and the Monal-series for 48V applications for larger 3-wheelers.
“We are also encouraged by the interest in our 100V Falcon-series, and we are working with a select number of OEMs in the EV farm-tractor and LCV space,” said Nikhilesh Mishra, Co-Founder and Director of the company.
The new manufacturing facilities commenced operations last quarter and have flexible manufacturing cells for multiple products and will cater to a demand of up to 400 MWh. Its new R&D and manufacturing facilities in Ambattur, Chennai employ 70 engineers and staff now.
“Some of our products like the Pintail-series starter batteries have very high-volume potential and for such products, we are also engaged in discussions with a few large Indian groups who are interested in contract manufacturing,” said E Balasubramonium, President, Grinntech.