With the help of Transition VC, Sangam Venture, Sagana Capital, and Fondation Botnar, Promethean Energy, a cleantech startup that aims to decarbonize industrial heating, has raised $2 million in its pre-Series A round.
The money will go toward developing AI-based energy optimization tools, increasing its product line, and strengthening its position in Southeast Asia and India.
To replace heating based on fossil fuels, the Mumbai-based company creates waste heat recovery systems and industrial-grade heat pumps. Energy monitoring, smart controls, and thermal storage are all integrated into its products.
The company uses both the CAPEX and ESCO models and provides solutions that are appropriate for Indian industrial conditions.
Raymond Textiles, Godrej Industries, and Hindustan Unilever are among the businesses that use Promethean’s systems. Every year, more than 100,000 tonnes of CO2 are saved thanks to the technology, which is used in industries like steel, chemicals, textiles, and fast-moving consumer goods.
It is getting ready for global pilots in Bangladesh, Indonesia, and the Middle East with the goal of decarbonizing 1,000 factories by 2027.
