From pv magazine India
Maxvolt Energy Industries, a manufacturer and supplier of lithium battery packs for electric vehicles, energy storage systems, and medical devices, has raised $1.5 million in funding from multiple angel investors.
The company said the investment will support its plans to advance sustainable energy solutions and strengthen its market position by quickly introducing fast-charging lithium-ion batteries.
Maxvolt said it aims to develop world-class lithium batteries for various sectors, including electric bikes, scooters, and solar energy systems.
“As a purpose-driven organization, Maxvolt is dedicated to providing eco-friendly energy solutions through our cutting-edge lithium-based batteries,” said Satendra Shukla, chief business officer of Maxvolt Energy. “We are developing a fast-charging solution to significantly reduce customers’ charging times. In the prototype development phase, the company aims to launch the final product in phases by the end of 2024 after thorough R&D. In the first phase, we will reduce the charging time to two hours and one hour in the subsequent phase.”
Shukla said that the global lithium-based battery industry is projected to reach a total addressable market of $300 billion by 2035. He said Maxvolt is strategically positioned to capitalize on this growing demand for sustainable energy solutions. The new funds will accelerate its R&D efforts, enhance production capacity, and expand market reach. Shukla said this will enable the company to significantly reduce its carbon footprint through sustainable practices and innovative technology.
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Maxvolt is repurposing used batteries for second-life purposes in small rechargeable applications such as solar streetlights, routers, CCTV cameras, portable lights and toys. The company has also announced plans to establish cutting-edge recycling plants.
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