Maxvolt Energy Industries said on Tuesday that it has successfully raised $1.5 million in funding from multiple angel investors.

This capital infusion will support Maxvolt Energy’s ambitious plans to advance sustainable energy solutions and strengthen its market position by introducing fast-charging lithium-ion batteries soon, the company, a manufacturer and supplier of lithium battery packs for EVs, said.

With its commitment to innovation and quality, Maxvolt aims to develop world-class lithium battery architectures for various sectors, including electric bikes, scooters, and solar energy systems, while adhering to global compliance and technological advancements, it added.

Maxvolt Energy Chief Business Officer Satendra Shukla said “We are developing a fast-charging solution that will significantly reduce customers’ charging times. In the prototype development phase, the company aims to launch the final product in phases by the end of 2024 after thorough R&D. In the first phase; we will reduce the charging time to 2 hours and 1 hour in the subsequent phase.”

Maxvolt registered revenue of ₹48.60 crore in FY24. This impressive growth positions Maxvolt Energy for long-term success in the dynamic energy storage market.

The global lithium-based battery industry is projected to reach a total addressable market (TAM) of $300 billion by 2035. Maxvolt is strategically positioned to capitalise on this growing demand for sustainable energy solutions. The recent funding aligns perfectly with their plans, enabling them to accelerate their innovation in lithium battery technology.

Maxvolt places a strong emphasis on reusability, striving to extend the lifespan of old batteries through innovative techniques. These methods prepare lithium batteries for a second life, repurposing them for various small rechargeable applications such as solar street lights, routers, CCTV cameras, portable lights and toys. Furthermore, the company is excited to announce its plan to establish cutting-edge recycling plants.