JITO Angel Network, a global community-based Angel network, today announced an investment for an undisclosed amount in electric vehicle (EV) battery manufacturer Nexus Power. The angel network says that this investment is in line with its commitment to fuel the country’s sustainable development goals.
Nexus Power is a Bhubaneswar–based startup that makes rechargeable, bio-organic, and biodegradable batteries from crop residue. The company says that it uses fully bio-degradable materials that could be turned into manure after the life cycle is complete to formulate the composition of the battery. With their proprietary Peptide Crystal batteries, the company aims to make the world less dependent on exhaustible resources like Lithium, Nickel, and Cobalt.
This is the fifth company in the EV space that JITO Angel Network has invested in. The latest investment was in Taqanal Energy, in which a total of Rs 9.5 crore was invested in a pre-series round from JITO Angel Network along with KITVEN, LetsVenture, and Wellingdon Advisors.
Commenting on the investment, Pooja Mehta, CIO, JITO Angel Network, said, “Nexus Power’s technology solution goes a step ahead in making the EV space cleaner and more sustainable. We envision Nexus Power giving a new and fresh dimension to the approach of electric vehicle makers and the automobile space on the whole. There is no doubt that the company is slated to create ripples in this ever-expanding and evolving space.”
Nishita Baliarsingh, Co-founder & Chief Executive Officer, Nexus Power, added, “Looking at the current trends and dynamics of the automotive industry; dependable and environment-friendly batteries are the need of the hour. We believe Nexus batteries have the potential to fasten the global shift towards E – mobility. Partnering with the right ecosystem enablers like the JITO Angel Network shall enhance R & D and product development. With this round, we have rapid scalability and amplified operations in mind!”
