Hyderabad-based Cygni Energy, a technology-led energy storage company announced that it has raised funds of USD 12.5 Million (Rs. 100 Crores) through a combination of equity and debt. The equity funding is led by Meridian Global Ventures and the debt by the Indian Overseas Bank.
The company will use the funds to fuel product development, business growth, grow the engineering division to fast-track the product development cycle and set up a new greenfield manufacturing facility in the state of Telangana.
Cygni has technology collaboration with IIT Madras and also works with several OEMs to provide application-specific designs. The company develops EV Batteries (2W & 3W) and Energy Storage Systems.
The company plans to set up a huge Gigafactory in Telangana. At present, it is operating a 250 MWh factory that has the capability to produce 10,000 Li-ion battery packs each month. It is working with many of the leading automotive OEMs and energy companies to assist them with customised energy storage solutions.
The Greenfield project will have the capability to produce 40,000 battery packs per month, with 1.2GWh annual capacity, when all the lines are fully operational. This Gigafactory will help Cygni maximise its battery production, scale the current capacity by 4X and contribute to the growing demand of electric vehicles in India. The company has recently acquired a land parcel in Telangana under the state EV policy to create a Li-ion battery manufacturing unit.
Venkat Rajaraman, CEO, Cygni Energy said, “The need for enhancing EV battery performance, safety and access to quality products has never been more pressing. This round of funding will help us strengthen our product offering & set up the greenfield manufacturing facility with a capacity of 1.2GWh per annum. This not only validates our belief in technology but also accelerate the scale of manufacturing.”
Jayesh Ranjan, Principal Secretary, Govt. of Telangana said, “Telangana has the best industrial infrastructure and is a leader in clean energy production. We are happy that Cygni Energy has chosen to set up its Energy Storage Gigafactory at our EMC. We look forward to working with them as they set up their world-class manufacturing facility.”
