● Current investors have fully subscribed an additional round of almost USD 2 Million
● Company announces several new products and expands customer base.
Grinntech, an investor-backed start-up specialising in Lithium-Ion batteries for EVs and energy storage systems, today announced that it has successfully closed a bridge funding round of approximately USD 2 Million, where all the existing investors have fully subscribed to the offer. Grinntech also announced the launch of the new Finch and Monal series of batteries and the order to develop a larger pack incorporating advanced thermal management and utilising Grinntech’s proprietary battery management system for a US based OEM.
After emerging from their incubator in the Indian Institute of Technology Madras Research Park in September 2020, Grinntech quickly expanded its product lines focussing on a range of Electric Vehicles including 2-wheelers, 3-wheelers, and farm-tractors/LCVs. Their new R&D and manufacturing facilities in Ambattur Chennai now employ seventy engineers and staff.
Puneet Jain, Co-Founder and Director explained, “We are grateful to this sign of confidence from our investors. On the back of the recent announcement from the Government of India, increasing the subsidy for EV 2-wheelers and 3-wheelers by 50 percent, we have already seen increased orders and enquiries. With this bridge funding secured, our plans for growth of our business remains on target.”
Nikhilesh Mishra, Co-Founder and Director adds, “over the past year we have added the new Finch-series for the growing demand for 48V packs for 2-wheelers and the Monal-series for 48V applications for larger 3-wheelers. In addition, we are encouraged by the interest in our 100V Falcon-series, and we are working with a select number of OEMs in the EV farm-tractor and LCV space. We had founded Grinntech on the basis of technical competence and we are confident that this aspect will be appreciated by Indian customers who are increasingly looking for PLI-compliant solutions and suppliers.”
The new manufacturing facilities commenced operations last quarter and has flexible manufacturing cells for the multiple products and will cater to a demand of up to 400 MWh. As Mr. (Bala) Balasubramonium, President, Grinntech explained, “some of our products like the Pintail-series starter batteries have very high-volume potential and for such products, we are also engaged in discussions with a few large Indian groups who are interested in contract manufacturing. While remaining focussed on EV batteries, this approach adds a further revenue stream in addition to those from product sales, engineering development and battery analytics.”
Grinntech is an investor-backed, growth-phase start-up, specialising in Lithium-Ion batteries for EVs and energy storage systems along with our proprietary BMS and connectivity systems. Our product range has established new standards in safety, intelligent controls, energy-density, power-management, long life, and reliability. Apart from a range of standard products, we also undertake custom battery development for customers in India and abroad.
Grinntech works closely with leading global technology companies and cell suppliers, bringing cutting-edge advances in semiconductor, materials, cell-chemistry, and formats. We employ contemporary techniques in our manufacturing including cell-characterisation and production testing. Our expertise has been recognised by our customers, many of whom are market leaders, and we are working with many of them to power their future EV endeavours.