Offgrid Energy Labs Secures Funding From Shell, Ankur Capital & APVC

Kanpur-based energy tech startup Offgrid Energy has raised undisclosed funds from energy solutions giant Shell, venture capitalists Ankur Capital and APVC to take its flagship product rechargeable zinc-based battery ZincGel to the market.

Founded in 2018 by Rishi Srivastava and Tejas Kusurkar, Brindan Tulachan and Ankur Agarwal, Offgrid claims to have developed a rechargeable zinc-carbon battery that outperforms available battery technologies in terms of power density, life and cost. The startup aims to cater to multiple industries such as renewables, microgrids, electric vehicles and utilities through its different variants of zinc-carbon batteries.

Offgrid has more than 15 patents, designs and trademarks to its name, with a primary focus on renewable energy storage, microgrids, electric vehicle charging and grid applications in utilities.

The startup’s flagship product, ‘ZincGel’ Battery technology has energy efficiency at par with a lithium-ion battery. It has twice the life cycle and negligible operational cost — thereby saving up to 30% cost for energy storage projects. Alternatively, existing lead-acid manufacturers can make ZincGel batteries easily with available equipment.

Offgrid has previously raised a small angel round from overseas investors and was seed-funded by Shell India.

While the number of participants operating in the energy sector is currently less as compared to the other sectors, the future holds immense potential. Some of the key startups in the Indian energy sector are ADB Ventures-backed Smart Joules, ReNew Power, which raised $435 Mn through dollar-denominated green bonds, Mount Meru-backed Distributed Energy, and Blue Ashva Capital-backed Godi Energy.

On the other hand, in India, the growth of the EV sector is also a driving force of the energy tech sector and India is undergoing a massive electric mobility revolution.

Delhi government’s draft guidelines for the regulation of the transportation activities of tech aggregators and electrifying their fleet has been given heavy importance. Days ago, Tata Power and Apollo Tyres also inked a pact to establish EV charging stations across the country.

In addition to this, earlier last month, Mercedes-Benz announced that it will launch India’s first locally produced luxury electric car in 2022 itself. While both local and foreign manufacturers have offered EVs, the adoption rate of such cars is poor.

According to Inc42 estimates, 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.