Funding Alert

Electric Vehicle Battery Maker Nexus Power Raises Undisclosed Capital From JITO Angel Network

• ByStartupStory     |    April 30, 2022

The Bhubaneswar-based battery startup Nexus Power raises Undisclosed capital from JITO Angel Network. The company plans to utilise the capital infusion to ramp up research and development, scale operations, and also kick off smaller trials in partnership with India’s original equipment manufacturers.

Nishita Baliarsingh, Co-Founder and Chief Executive Officer of Nexus Power, commenting on the recent development, said “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 research and development and product development. With this round, we have rapid scalability and amplified operations in mind.”

Pooja Mehta, CIO of JITO Angel Network, talking about the partnership, added “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.” 

This investment in this electric vehicle battery maker marks JITO Angel Network’s 5th bet on the EV space. Recently, the company has invested in Taqanal Energy, a startup that develops cloud-connected smart modular battery energy storage solutions for the Electric Vehicle industry.

Nexus Power was founded in 2019 by Nishita and Nikita Baliarsingh, and their main offering is rechargeable, bio-organic, and bio-degradable batteries from crop residue. With its proprietary Peptide Crystal batteries, Nexus Power intends to make the world less dependent on exhaustible resources like lithium, nickel, and cobalt. Nexus claims that the batteries built through its patented technology are more effective and efficient compared to Li-ion batteries as they have more potential to charge faster and last longer.

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