Energy tech company Godi India Pvt Ltd has raised an undisclosed amount from Blue Ashva Capital through its Blue Ashva Sampada Fund.
The funds raised will be utilised to set up its supercapacitor and Lithium-Ion cell manufacturing facilities in India and continue developing materials with unique cell chemistries, engineered batteries and supercapacitor cells.
Founded by Mahesh Godi in March 2020, Godi is a tech organization focused on the engineering and manufacturing of sustainable green energy storage solutions. It aims to commercially manufacture advanced Lithium-ion cells and supercapacitors.
“As India moves towards carbon neutrality and mass adoption of EV and ESS, it is crucial to become an energy-independent nation. We have bold aspirations to lead the charge in this energy revolution and this investment from Blue Ashva Capital is a major step in this direction,” said Mr. Mahesh Godi, founder and chief executive officer of GODI Energy.
It is no secret that the electric vehicle revolution in India is well underway. In 2021, the demand for Lithium-ion cells in India stands at 10 GWh. This demand is expected to reach 800 GWh by 2030. To keep up with this demand, battery packs and EV OEMs are currently importing cells from various countries. These cells have several issues related to performance, safety and cost.
To maintain a competitive price per cell, many battery packs and EV OEMs import low-grade cells that do not perform efficiently in Indian climatic and driving conditions. Moreover, during sea shipping under uncontrolled storage conditions, these cells often suffer from electrolyte leakage leading to corrosion, increased internal resistance and safety concerns.
“A spree of EV startups today have either launched their own vehicles or built a service layer on top. However, the key challenge remains the lack of control at the cell level. We are encouraged to see the work Godi Energy is doing on indigenous technology innovation in the battery cell technology space,” said Mr. Satya Bansal, founder, Blue Ashva Capital.
With the world accelerating towards zero emissions and large-scale utilisation of renewable energy, efficient energy storage is becoming more and more important. The startups in this sector are also expected to play an important role in the establishment of India’s smart cities of the future.
While the number of participants operating in the energy sector is currently less as compared to the other sectors, it will definitely grow in the future. Some of the key startups in the Indian energy sector are Smart Joules, which recently raised $4.1 Mn in its series A funding round; ReNew Power, which raised $435 Mn through dollar denominated green bonds; and Distributed Energy, which raised INR 10 Cr to launch an online platform that connects startups with renewable energy projects.
Additionally, as discussed above, the growth of the EV sector is also a driving force of the energy tech sector. According to the EV report from Inc42 Plus, Indian EV startups raised $601 Mn between 2014 and 2019. Electric vehicles are projected to have a market share of 70% and 20% in the commercial vehicles and two wheeler segments by 2030. Additionally, the share of these vehicles in the market is projected to be $20 Bn.