Mumbai Angels Network, a premium startup investment platform for early-stage venture investments, has invested in Indi Energy, committed to developing energy storage technologies such as lithium-ion and sodium-ion batteries, solid-state batteries, supercapacitors, etc. as a part of its seed round. While the funding amount remains undisclosed, Indi Energy will be utilising the funds in bolstering its R&D and scaling up its proprietary sodium-ion battery technology.
Akash Soni, Co-Founder and CEO - Indi Energy said, “Indi Energy is on a mission to develop low-cost, safe, and high-performance Sodium-ion batteries that are manufactured from agricultural waste and biowaste such as paddy straws and natural resources from the earth such as sodium, thereby reducing our dependence on scarce elements such as lithium, cobalt, and nickel which are essential components of Lithium-ion batteries. We are thrilled to have an eminent investor Mumbai Angels Network backing us in our journey. This funding will allow us to bolster infrastructure and scale up our business through the development of our Sodium-ion battery technology.”
Commenting on the investment, Nandini Mansinghka, Co-Founder & CEO- Mumbai Angels Network said, “Indi Energy’s commitment to reducing reliance on scarce resources to build its proprietary sodium-ion battery will be a revolutionary step in the energy storage space.”
“Indi Energy is developing all the components of Sodium-ion batteries including anode, cathode, electrolyte, and separator, alongside the battery cell manufacturing process. This capital infusion will enable us to reach greater heights through strengthening our R&D processes”, added Prof. Yogesh Sharma, Associate Professor, IIT, Roorkee and Head of R&D, Indi Energy.
With an experienced core team of scientists and engineers from IIT, Roorkee, Indi Energy envisions providing indigenously developed, cost-effective, safe, and high-performance battery technology for various applications including solar and wind grid storage, electric scooters and e-rickshaws, SLI batteries, batteries for solar lights, UPS batteries, and inverter batteries, amongst others.
Furthermore, Indi Energy has made breakthroughs in Sodium-ion batteries with its energy density 3-4 times better than the commercialized lead-acid batteries that are currently available in the market. The company has also filed patents for Sodium-ion batteries, having invented a high-performance Sodium-ion negative electrode material from rice/paddy straw and cattle manure. This is a ground-breaking step that addresses the prevalent issue of burning rice/paddy straw and stubble by converting them into a valuable energy source.