Offgrid Energy Labs raises $15 M funding from Archean Chemical Industries
Offgrid Energy Labs, a battery startup based in Noida, has raised $15 million in a funding round led by Archean Chemical Industries and including Ankur Capital.
Currently operating in Europe and India, the brand had previously raised $12 million.
The money raised will be used to increase research and development, commercialize its zincgel batteries, and establish a pilot manufacturing facility in the UK within the next year. It intends to open a comparable facility in India after the UK unit is up and running.
Tejas Kusurkar, Rishi Srivastava, Ankur Agarwal, and Brindan Tulachan founded Offgrid Energy Labs in 2018 with the goal of creating zinc-bromine gel batteries as a more environmentally friendly and secure substitute for lithium-ion batteries in stationary energy storage. The technology is intended for long-duration storage, which is a market in which lithium and other chemistries find it difficult to compete.
The startup intends to use its batteries in off-grid locations like rural communities and islands, peak demand management, and industrial net-zero projects. Its proprietary electrolyte is the foundation of its innovation, and it has also developed over 25 IP assets.
India is aiming for 500 GW of renewable energy capacity by 2030, according to market research, which presents a significant opportunity for energy storage solutions. According to the India Energy Storage Alliance, the nation had installed roughly 500 MWh of battery storage capacity as of August.
