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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.
[Funding alert] Deep tech battery technology startup Gegadyne Energy raises Series A round
Gegadyne Energy will use the funding to expand the startup s operations and set up a world-class battery research lab in India a one of its kind in the country.
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Gegadyne Energy, a deep tech startup developing non-lithium based quick charging battery technology for the EV space and other battery dependent applications, on Tuesday announced that it has raised Series A funding of
~$5 million from V-Guard Industries.
According to the startup, the funds raised will be utilised to scale up the research and the ramp up the business globally. A major chunk of the fund will be used to expand operations and setup a world class Battery Research lab in India a one of its kind in the country.