Mumbai Angels Network, a startup investment platform for early-stage venture investments, has announced to have invested in Indi Energy, a energy storage startup.
Indi Energy said it would use the funding amount to enhance its research and development activities and scale up its proprietary sodium-ion battery technology, which is made from agricultural waste.
Indi Energy is committed to developing energy storage technologies such as Lithium-ion and Sodium-ion batteries, solid-state batteries and Supercapacitors.
“Indi Energy is on a mission to develop low-cost, safe, and high-performance Sodium-ion batteries that are manufactured from agricultural waste and biowaste such as paddy straws and natural resources from the earth such as sodium, thereby reducing our dependence on scarce elements such as lithium, cobalt, and nickel which are essential components of Lithium-ion batteries. We are thrilled to have an eminent investor Mumbai Angels Network backing us in our journey. This funding will allow us to bolster infrastructure and scale up our business through the development of our Sodium-ion battery technology,” said Akash Soni, co-founder and chief executive officer, Indi Energy.
“In today’s world that is almost entirely powered by technology and gadgets, there is increased awareness about climate change and waste generation, and sustainable energy production and waste utilization are the need of the hour. Indi Energy’s commitment to reducing reliance on scarce resources to build its proprietary Sodium-ion battery will be a revolutionary step in the energy storage space. We believe that this funding will be a testimony to the work that the Indi Energy team has been doing and will help them scale up its operations and ramp up infrastructure to drive growth,” stated Nandini Mansinghka, co-founder and chief executive officer, Mumbai Angels Network.
Furthermore, Indi Energy has made breakthroughs in Sodium-ion batteries with its energy density 3-4 times better than the commercialized lead-acid batteries that are currently available in the market. The company has also filed patents for Sodium-ion batteries, having invented a high-performance Sodium-ion negative electrode material from rice/paddy straw and cattle manure.