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iGrenEnergi, a tech-driven startup focused on Solar and Energy, has raised $1 Mn (about INR 6 Cr.) in additional funding from Sunil Mehta, an active New York area angel, reported ET.
Founded in 2013 by Jiten Apte, Dr. Sunit Tyagi and Sujit Dey, igrenEnergi, aims to develop products targeted at the solar industry, electricity storage industry and electric vehicles. igrenEnergi’s products substantially improve the efficiency, robustness and cost of conversion, management, control and storage of energy.
Their first product, 8-panel solar optimizer is scheduled for commercial launch sometime in early 2016. The raised capital will be used to support progress towards the launch.
igrenEnergi is a US headquartered company with its India offices in Mumbai and Bangalore. It plans to initially release their products in India with the US/European markets to follow in quick succession.
Sunil Mehta, investor in the company said, “The decision to increase my commitment was easy to make, after seeing the results of customer trials of igrenEnergi’s unique solar optimizer. Product innovators like igrenEnergi are best poised to capture a disproportionate share of the value, as large new markets like India, with its 100 GW solar target, join existing leaders like US and Europe.”
Sunil Mehta is a technology entrepreneur who has built and invested in $100 Mn businesses across the US, Europe, South America and Asia. His angel investments have focused on business services, mobile, edtech, ERP and clean energy.
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