Promethean Energy Raises USD 2 Mn Funding to Advance Industrial Decarbonisation With the newly raised funds, Promethean plans to expand its product portfolio, scale operations, and broaden its reach across India and Southeast Asia.
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CleanTech startup Promethean Energy, a pioneer in industrial decarbonisation, has raised USD 2 million in a Pre-Series A funding round led by Transition VC, with additional backing from Sangam Venture, Sagana Capital, and Fondation Botnar.
Founded in 2014 by Rajat Agarwal and Ashwin Krishna, Mumbai-based Promethean Energy develops high-efficiency industrial heat pumps and waste heat recovery systems aimed at eliminating fossil fuel usage in factories.
With the newly raised funds, Promethean plans to expand its product portfolio, scale operations, and broaden its reach across India and Southeast Asia.
"Thermal energy is the last bastion of fossil fuel use in Indian industry. At Promethean, we're replacing steam boilers and hot water generators with smart, electric heat pump and heat recovery systems—clean, efficient, and reliable," said Rajat Agarwal, Founder and CTO of Promethean Energy.
Promethean offers tech-first, locally optimised solutions designed for India's unique industrial conditions, integrating thermal storage, smart controls, and real-time energy monitoring. The systems deliver guaranteed energy savings and rapid ROI, with deployments in sectors such as automotive, FMCG, chemicals, textiles, distilleries, and steel. Notable clients include Hindustan Unilever, Godrej Industries, and SAIL.
Operating through CAPEX and ESCO models, Promethean's technologies have already helped eliminate over 100,000 tonnes of CO₂ emissions annually. With a mission to decarbonise 1,000 factories by 2027, the company is now developing high-temperature heat pumps, an AI-powered energy optimisation platform, and a nationwide service network. International pilots are also in the pipeline for Bangladesh, Indonesia, and the Middle East.
"India's industrial and manufacturing sector is a significant contributor to national emissions, ranking third after energy and agriculture, and accounting for roughly 240 million tonnes of CO2 equivalents, or approximately 10% of India's total greenhouse gas output," said Shoeb Ali, Co-founder and Managing Partner, Transition VC. "Promethean offers impactful energy efficiency solutions, including advanced waste heat recovery systems and industrial heat pumps, which hold substantial promise for decreasing carbon emissions from this sector in both domestic and international markets. Their proven ability to successfully deploy reliable systems at scale positions them as a key player, delivering compelling and rapid returns on investment for customers."
