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.
Key Highlights
- Offgrid Energy Labs secures $15 million Series A funding led by Archean Chemical Industries.
- The capital will support UK-based ZincGel battery pilot manufacturing, advancing its zinc-bromide energy storage technology.
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.
Offgrid Energy Labs, which was established in 2018 by Tejas Kusurkar, Rishi Srivastava, Ankur Agarwal, and Brindan Tulachan, is creating zinc-bromine gel batteries as a more environmentally friendly and secure substitute for lithium-ion batteries in stationary energy storage. Lithium and other chemistries are unable to compete with the technology's long-duration storage capabilities, which range from 6 to 12 hours.
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The startup intends to use its batteries in peak demand management, industrial net-zero projects, and off-grid locations like islands and rural communities. With its proprietary electrolyte at the heart of its innovation, it has also developed more than 25 intellectual property 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.
