Clean Electric, a Madhya Pradesh-based energy storage solutions startup, received investment from Climate Angels and also raised $2.2 million in a seed round led by Kalaari Capital, a Bengaluru-based early-stage venture capital firm, a release said.
With this funding, the company plans to set up a manufacturing facility in Pune to produce 5,000 battery packs per month, according to the release. “The firm also plans to use the funds to expand its R&D, sales, and operations teams, and for developing new products around faster charging, renewable energy storage, and battery swapping,” it said.
The release added that the round also saw participation from LV Fund, 7Square Ventures, and CIIE Regional Innovation Foundation. Climate Angels is SEBI Category-1 Angel AIF that invests only in early-stage pollution reduction and climate tech startups.
“The patents Clean Electric’s team has filed introduce direct liquid cooling technology wherein the cells of the battery are 100 per cent in contact with a coolant which ensures maximum safety, 25-minute charging and a 1.5 times longer life span,” said Sumeet Singh, Partner at Climate Angels.
He said that their solutions can also be exported to the countries in the global south that are dealing with similar issues around EV safety and performance. “India’s electric vehicle (EV) solutions will become global postulates. Next decade is going to witness the surge of EVs, expected to grow from the current 1.4 million to 50 million by 2030. Clean Electric’s direct liquid cooled battery packs will become the benchmark, offering the highest safety while maximising its life and efficiency,” said Ravinder Singh, Partner at Kalaari Capital.
Clean Electric’s proprietary battery technology seeks to address safety and performance issues for EVs like battery fires, long charging times and frequent battery replacement.