Manufacturer of batteries for electric vehicles Maxvolt Energy Industries has raised $1.5 million from a number of angel investors in an unannounced investment round.
The company plans to create and launch fast-charging lithium-ion batteries shortly using the recently raised funds.
The goal of Maxvolt Energy is to create lithium battery architectures that are “world-class” for use in solar energy systems, electric bikes, and scooters. The company, which was founded in 2019 by Bhuvneshwar Pal Singh, Satendra Shukla, and Vishal Gupta, presently provides lithium battery energy solutions in addition to batteries for e-bikes, e-scooters, and e-rickshaws.
It provides a 3-year replacement warranty at no additional cost, along with a 100% buyback policy for its batteries. The business uses both a B2B and a B2C business model.
Among its B2B partners are companies like Versatile escooters, Mantra ebikes, Odysse, and Ormax. It states that it has more than 1.5 lakh customers on the B2C side.
Our goal is to drastically cut down on consumers’ charging times with our fast-charging technology. After extensive R&D, the company plans to phase-release the complete product by the end of 2024 while it continues to work on the prototype. Maxvolt’s CBO Satendra Shukla stated, “We will cut the charging time in half in the first phase to two hours and one hour in the second phase.
Investor interest has been shown by the company at a time when EV adoption in India is truly taking off. In March alone, the number of registrations for electric two-wheelers (E2Ws), which have garnered the most enthusiasm from Indians, surpassed one lakh.
The central government’s initiative to encourage EV adoption in the nation is driving the electrification of Indian highways. To encourage electric mobility starting on April 1, the union government recently unveiled the Electric Mobility Promotion Scheme 2024, an INR 500 Cr program. The new program will run through the end of July of this year.
Authorities are also in the process of forming a task group in order to develop an industry roadmap for electric vehicles.