e-TRNL Energy Raises INR 7.5 Crore In a Pre-Seed Funding Round Led By Speciale Invest
Funds will be utilized to accelerate the product cycle reducing the time-lines to deliver the products to its customers
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Battery tech start-up, e-TRNL Energy on Monday announced to have raised a pre-seed round of INR7.5 crore from multiple investors to further its mission of bringing revolutionary energy technology to the market. The round was led by Speciale Invest, a deep-tech venture capital firm. Other investors include Micelio Mobility and CIIE. Funds will be utilized to accelerate the product cycle reducing the timeline to deliver the products to its customers.
"Any true electric vehicle revolution cannot revolve around import dependence in the most critical component of EVs, which is the battery. At e-TRNL Energy, we are innovating technology from the ground up to realize the true potential of batteries and bring about the most advanced cell manufacturing. We are excited to have partnered with our investors to realize the future of batteries and help set up the global supply chains from India," said Apoorv Shaligram, co-founder, e-TRNL Energy.
According to a report by Bain and Company, 35 to 40 per cent of all vehicles sold in India by 2030 would be EVs, an increase from two per cent penetration rate in 2022. Around 12 million to 13 million new two-wheeler EVs and 1 million new four-wheeler PVs will be sold in India annually by 2030.The Indian EV sector has witnessed $3.7 billion worth of private equity and venture capital investments over the past few years with the numbers set to increase. The value chain revenue pool of the Indian EV Ecosystem is said to be in a range of $76 to $100 billion.
"The need for smart energy storage systems is critical to meet global climate goals and provide a better and more sustainable future. e-TRNL is working towards bringing to the market one of the most advanced energy storage systems. The company's innovative technology helps to reduce the environmental impact of battery storage while providing an advanced level of performance and reliability," said Vishesh Rajaram, managing partner, Speciale Invest.The company has developed advanced battery technology which is safe, withstands the harsh conditions of electric mobility especially in the Indian climate, and still provides value add with fast charging and cost efficiency. Founded in 2021, by two IITians, Apoorv Shaligram, an alumnus of IIT Roorkee and Michigan State University, and Dr. Uttam Kumar Sen, an IIT Bombay alumnus with a doctorate in high energy density batteries, e-TRNL Energy draws upon a combined research experience of 27 years to bring about this pioneering battery technology. The mission of e-TRNL Energy supports the larger cause of India's target of transitioning to 100 per cent electric vehicles by 2030