Offgrid Bags $15 Mn To Take ZincGel Batteries Mainstream

SUMMARY

Offgrid said the fresh proceeds will be deployed to set up a demo manufacturing unit in the UK and establish a gigawatt-scale plant in India

At the core of Offgrid’s alternative battery tech is a patented ZincGel chemistry, which the company claims enables customised battery configurations for diverse applications

Offgrid expects to commercially launch its batteries by the first quarter of next year and plans to focus on global markets such as Europe

Battery tech startup Offgrid Energy Labs has raised $15 Mn (around INR 132 Cr) in a Series A round led by Archean Chemicals Industries. The round also saw participation from existing investor Ankur Capital.

Prior to this, Offgrid had raised an undisclosed amount back in 2022 from Shell, Ankur Capital and APVC.

Offgrid said in a statement that the fresh proceeds will be deployed in setting up a demo manufacturing unit in the UK before the company can establish a gigawatt-scale plant in India.

At the core of Offgrid’s alternative battery tech is a patented ZincGel chemistry, which the company claims enables “customised battery configurations for diverse stationary applications” at competitive costs and with non-toxic materials used to create the battery.

Founded in 2018 by Rishi Srivastava, Tejas Kusurkar, Brindan Tulachan and Ankur Agarwal, Offgrid Energy Labs has developed zinc-based batteries for sustainable and scalable energy storage solutions.

Prior to raising funds from Archean, the startup was developing its battery technology in a lab setup. Offgrid claims to hold 25 IPs, with a focus on electrodes, electrolytes and design. Incidentally, Archean is a major bromide manufacturer and ZincGel batteries are built around zinc-bromide chemistries.

Is Offgrid’s ZincGel The Next Big Thing?

Cofounder Srivastava told Inc42 that due to the use of common and recycled materials, ZincGel is a cheaper alternative for energy storage compared to the available lithium-ion batteries. However, Srivastava did not disclose the pricing of Offgrid’s batteries.

Another aspect that differentiates Offgrid batteries from the available lithium-ion batteries is the ability to charge and discharge energy quickly. “Generally, the available batteries in the market can get damaged when they are fully discharged. But our batteries come with a self-healing, temperature-stable and never-evaporating electrolyte technology which gives higher life to the battery,” added Srivastava.

The startup is targeting three key stationary applications in the energy storage industry in India and globally. These include peak shifting, net-zero industrial electricity, and decentralised off-the-grid energy solutions.

While it has big plans to manufacture in India eventually, Offgrid is currently at a pre-revenue stage and the cofounder claims it took close to six years to develop the ZincGel battery solution.

Offgrid has chosen the UK as its location to set up its first manufacturing unit as it gives a better infrastructure to set up the unit quickly and get global certifications. The association with Archean will undoubtedly be a big boost for the company in terms of sourcing the chemicals needed to take this battery tech commercial.

Offgrid expects to commercially launch its batteries by the first quarter of next year. Offgrid plans to focus on global markets such as Europe including India.

The global energy storage market is expected to breach the $25 Bn mark by 2029 and the Indian market is expected to attract INR 4.79 Lakh Cr investment by 2032. Some of the players in the Indian energy storage solution sector include Exide Industries, Ola Electric, Amara Raja Group, and HBL Power Systems among others.