JITO Angel Network
India, 28 April 2022: JITO Angel Network, the only global community-based Angel network in India, today announced an investment for an undisclosed amount in electric vehicle (EV) battery manufacturer Nexus Power, in line with its commitment to fuel the country’s sustainable development goals.
The Bhubaneswar – based startup makes rechargeable, bio-organic and biodegradable batteries from crop residue. The flagship technology from Nexus uses fully bio-degradable materials that could be turned into manure after the life cycle is complete to formulate the composition of the battery. It is working towards a sustainable future and pollution-free battery market.
With their proprietary Peptide Crystal batteries, the company is on a mission to make the world less dependent on exhaustible resources like Lithium, Nickel and Cobalt. Crops being abundant, makes sourcing and production cheaper, in turn cutting the E vehicle cost by over 40%. Nexus Power believes in indigenously developed technologies and wishes to make India not just self-reliant in battery tech but one of the most powerful exporters of deep technology research. The current raise will be utilized to enhance research & development, scale - up operations and initiate smaller trials with contracted OEMs in India.
This is fifth company in the EV space that JITO Angel Network has invested in. The latest investment was in Taqanal Energy, in which a total of INR 9.5 crore was invested in a pre-series round from JITO Angel Network along with KITVEN, LetsVenture and Wellingdon Advisors.
“Nexus Power’s technology solution goes a step ahead in making the EV space cleaner and more sustainable. We envision Nexus Power giving a new and fresh dimension to the approach of electric vehicle makers and the automobile space on the whole. There is no doubt that the company is slated to create ripples in this ever expanding and evolving space,” said Pooja Mehta, CIO, JITO Angel Network.
"Looking at the current trends and dynamics of the automotive industry; dependable and environment friendly batteries are the need of the hour. We believe Nexus batteries have the potential to fasten the global shift towards E - mobility. Partnering with the right ecosystem enablers like the JITO Angel Network shall enhance R & D and product development. With this round, we have rapid scalability and amplified operations in mind!" said Nishita Baliarsingh, Co-founder & Chief Executive Officer, Nexus Power.
The electric vehicle industry is one of the rapidly growing industries in India. The Indian EV Market is currently worth USD 700 Million, with huge potential for future growth. Globally, the market is expanded at a CAGR of 42% and currently stands at USD 50 billion.
"Battery Tech is booming and researchers across the globe are putting their heart into innovating in this domain. With bio - degradable, energy efficient batteries from Nexus, we want to change the way people look at sustainability! Made from crop residue, Nexus batteries are affordable, effective and completely made in India. With extensive R&D and product designing @ Nexus, we aim to revolutionize the energy storage Industry!" said Nikita Baliarsingh.
Comments
Post a Comment