Energy startup, Gegadyne Energy labs, has raised an undisclosed amount of investment from Mumbai Angels Network. The company plans to use the funds to develop its technology and run tests for commercial applications. The papent of the startup is still under review, the press note added.
Commenting on the investment raised, Jubin Varghese, founder of Gegadyne, said, “A new concept needs the right set of people and the right source of financing to transform it into something tangible. In our case, Mumbai Angels’ timely guidance and the vast network have put us in touch with investors who bring not only a financial backing to this venture, but the much-needed connections that this industry demands.”
Founded by Ameya Gadiwan and Jubin Varghese, Gegadyne identifies itself as a ‘high performance’ energy system with tweaks in the density of the battery, to enable charging in seconds and run it for hours. The company further claims to have a 50x better technology than lithium ion batteries.
Talking on the growing technology, Nirav Choksi, deal lead at Mumbai Angels network stated that with the world moving towards electric vehicles and efficient low-cost batteries, Gegadyne’s supercapacitor graphene-based battery would be the “game-changer” replacing lithium-ion batteries. The press release further added that the investment will help them make the batteries smaller in size and lighter in weight.
Mumbai Angels Network is an investment firm with over a network of 300 investors and over a 100 startups in its portfolio. The group has invested over Rs 200 crore in startups.
According to a recent report, the global lithium-ion battery market is expected to reach $93.1 billion by 2025 growing at a rate of 17 percent CAGR. Increased use of these batteries in electric vehicles, consumer electronics and grid storage systems are driving its demand.
With governments pushing its citizens towards electric cars, in India and China, it’ll be interesting to see how Gegadyne’s technology changes that way we store energy.