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Mumbai-based Gegadyne Energy has announced that it has received Rs 33.4 crore Series A funding from South Indian company V-Guard.
Gegadyne is developing an alternative to Lithium-Ion batteries
Gegadyne claims similar power densities, and lower costs than Lithium-ion
The company will use this funding to set up larger infrastructure
Who is Gegadyne?
Gegadyne Energy is a Mumbai based start-up that has been researching alternate power storage solutions to the established, but flawed Lithium-ion battery technology. The company already holds multiple patents and won the Energy Startup of the Year Award at the 9th Annual Entrepreneur Awards 2019. Gegadyne Energy was founded in 2015 by Jubin Varghese and Ameya Gadiwan.