From: Mercom India
Bengaluru-based energy startup EMO Energy, which builds battery packs for high-power applications, has raised ₹100 million (~$1.2 million) in a seed round led by Transition Venture Capital. The round was co-led by Gruhas.
EMO Energy offers battery packs for light electric vehicles (EVs). The company said these battery packs are powered by ZEN, a proprietary cell-agnostic tech platform that allows 100% fire safety, 20-minute fast charging, and 120% improvement in battery life.
EMO’s 2-and-3-wheeler battery system is AIS-156 Phase 2 certified and is in mass production.
EMO is also implementing its ZEN platform for commercial vehicles, tractors, and large-scale energy storage.
EMO said that all applications use the same standard battery module and are equipped to provide solutions for alternative chemistries in the future.
EMO’s Co-founder and CEO Sheetanshu Tyagi said, “Transition VC is enabling our access to the grid storage market (for residential and commercial applications such as lead acid battery & diesel genset replacement), which will help us in deploying ZEN for grid storage applications in the near future. ZEN PAC, the platform’s 20 min charge battery pack for 2-and-3-wheelers allows the lowest total operating cost (<₹1 (~$0.012/km), >5 years warranty, and 120% improvement in the life of standard nickel manganese cobalt and lithium-iron-phosphate cells.”
EMO is Transition VC’s maiden investment from its recently launched Energy Transition-focused fund worth ₹4 billion (~$48.3 million).
Transition VC’s Co-founder & Managing Partner Mohammed Shoeb Ali said, “Solutions like EMO’s ZEN Platform are integral to India’s endeavors to sustain its EV goals and achieve Net-Zero. EMO’s batteries utilize the latest and safest immersion thermal management technology and allow fast charge and higher vehicle power. This, along with the in-house Smart BMS and AI Battery Life Extension algorithms, allows continuous optimization of performance and a 2X increase in lifespan.”
A recent report by NITI Aayog and Rocky Mountain Institute stated that developing a localized advanced cell supply-chain ecosystem will help India create a competitive advantage in mobility, grid energy storage, and consumer electronics.
According to Mercom’s Q1 2023 Funding and M&A Report for Storage and Smart Grid, VC funding raised by Energy Storage companies in Q1 2023 came to $1.1 billion in 19 deals, an 8% decrease year-over-year (YoY) compared to $1.2 billion in 22 deals in Q1 2022. Quarter-over-quarter (QoQ) funding was 35% lower compared to $1.7 billion in 22 deals in Q4 2022.