Clean Electric raised $2.2 Mn in its seed funding round led by Kalaari Capital
Climate Angels, LV Fund, 7Square Ventures, and CIIE Regional Innovation Foundation also participated in the funding round
The startup builds batteries for two-wheeler and three-wheeler electric vehicles. It also develops battery-swapping applications
Battery startup Clean Electric has raised $2.2 Mn in its seed funding round led by Kalaari Capital. Climate Angels, LV Fund, 7Square Ventures, and CIIE Regional Innovation Foundation also participated in the funding round.
The startup will use the fresh funds to develop new products for faster charging, renewable energy storage, and battery swapping. It will also deploy the funds for expanding its research and development, sales and operations teams, it said in a statement.
It also plans to set up a manufacturing facility in Pune to produce 5,000 battery packs every month.
Set up in 2020 by Akash Gupta and Abhinav Roy, Clean Electric builds batteries for two-wheeler and three-wheeler electric vehicles (EVs). It also develops battery-swapping applications.
“The patents that Clean has filed introduce direct liquid cooling technology wherein the cells of the battery are 100% in contact with a coolant which ensures maximum safety, 25-minute charging and a 1.5x longer life span,” said Sumeet Singh, partner at Climate Angels.
Clean Electric said its products have been in pilot testing with various OEMs and have also undergone over 30,000 kms of on-road testing. The products are compliant with AIS-156 Phase 2 certification.
“Our aim is to enable mankind’s shift from fossil fuels, and batteries have been the hardest part of this transformation. By providing dependable, safe, and performant energy storage solutions, we believe we can add immense value to the EV and RE ecosystems,” said Roy, cofounder and CTO at Clean Electric.
Rising EV Sales
Helped by the increasing awareness about the benefits of EVs and the policies of the Centre and state governments to push EV adoption in the country, the sales of EVs are on the rise in the country. The registration of two-wheeler EVs in the country crossed the 75,000 mark in October.
However, a series of fire incidents involving two-wheeler EVs in the country during the summer months this year had raised concerns about the safety of these vehicles. Following this, the Ministry of Road Transport and Highways came out with new norms for battery testing, which will come into effect in two phases. The new norms are also likely to push up the cost of batteries in the country.
According to a report, India’s EV market was pegged at $1,434 Bn in 2021. The industry is set to become a $15,397 Bn space by 2027, growing at a CAGR of 47.09% during 2021-27.
The sector has witnessed a slew of fundraising in recent times, with Chargeup raising $7 Mn, Corrit Electric bagging $9 Mn, and Ather Energy securing $50 Mn.
