Energy consumption is increasing worldwide and it is projected that demand will increase by 2040 as the resources will fall short. In order to save energy a Mumbai-based energy startup, Gegadyne Energy Labs has raised an undisclosed amount of funding from Mumbai Angels Network.
In 2015, the startup was founded by Jubin Varghese and Ameva Gadwan. The startup has created a high-performance energy system with a better energy density that can be charged in seconds and can be utilised for hours. The startup plans to use the raised funding to further develop its indigenously-built battery technology, besides running tests for commercial applications. The startup claims that the battery system is a better as it is equal to 50 times of lithium-ion batteries.
The startup aims to manufacture smaller and better batteries so that consumers can use it properly. The company is also planning to reduce the cost of the product and make it affordable for customers.
Varghese 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.
A network of mentors and investors Mumbai Angels Network has invested about Rs.200 crore in high growth startups.
Nirav Choksi, deal lead, Mumbai Angels Network said, With the world moving towards electric vehicles and efficient low-cost batteries, Gegadynes supercapacitor graphene-based battery would be the game changer replacing lithium-ion batteries.