Grinntech, a start-up which manufactures LithiumIon batteries for EVs and energy storage systems, has raised $2 million from four investors, including from Cognizant Co-founder Lakshmi Narayanan and Ashok Leyland’s Former Vice Chairman V Sumantran.<\/p>\n
Following the investment, the two top corporates will be joining the company’s Board.<\/p>\n
The other two investors are UCAL Group and K S Manian, promoter of Radiance Group.<\/p>\n
The fund raising comes at a time when the company is foraying into manufacturing. Up till now it was only involved with Research and Development (R&D). The company will be manufacturing batteries for two-wheelers, cars and commercial vehicles in phased manner at Chennai. Initially, it will cater to the domestic market and expand via export routes.<\/p>\n
Grinntech, which was incubated at IIT Madras, unveiled a range of high-tech batteries with designs customised to Indian conditions along with its proprietary, IoT enabled BMS to power 2-wheelers, 3-wheelers and tractors\/light vehicles.<\/p>\n
Going forward the company will also look at commercial vehicles. The company was founded by Nikhilesh Mishra and Puneet Jain.<\/p>\n
Sumantran said that EVs are rapidly gaining acceptance globally and in India, and particularly so at a time when India has articulated a priority for self-reliance in critical EV technologies. “In the coming years, market conditions will reward those EV battery makers that possess technological and operational competence,” he added.<\/p>\n
“Grinntech\u2019s combination of performance, quality and economics will play an important part in that journey,\u201d he said.<\/p>\n
Meanwhile, Cognizant’s Narayanan added, \u201cThe future of energy is in renewables with significant potential for high growth. Digital technologies such as IoT and data analytics play a crucial role in enabling companies with newer business models to provide the much-needed connectedness, high performance and superior customer experience. It is heartening to see start-ups in India boldly embrace technology-driven solutions that can meaningfully address not just India\u2019s challenges but also global ones.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Grinntech, a start-up which manufactures LithiumIon batteries for EVs and energy storage systems, has raised $2 million from four investors, including from Cognizant Co-founder Lakshmi Narayanan and Ashok Leyland’s Former Vice Chairman V Sumantran. Following the investment, the two top corporates will be joining the company’s Board. The other two investors are UCAL Group and K S Manian, promoter of Radiance Group. The fund raising comes at a time when the company is foraying into manufacturing. Up till now it was only involved with Research and Development (R&D). The company will be manufacturing batteries for two-wheelers, cars and commercial vehicles […]<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[132],"tags":[],"class_list":["post-370332","post","type-post","status-publish","format-standard","hentry","category-power"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/370332","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=370332"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/370332\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=370332"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=370332"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=370332"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}