Clean Electric Secures $6 Million in Funding to Advance Fast-Charging Battery Technology
- ByStartupStory | September 10, 2024
Clean Electric, a pioneering company specializing in fast-charging battery technology for electric vehicles (EVs) and grid battery solutions, has successfully raised $6 million in a recent funding round. The round was co-led by Info Edge Ventures, Pi Ventures, and Kalaari Capital, with additional participation from Lok Capital and other investors.
The new funding will be allocated towards expanding the company’s research and development efforts, growing its sales and operations teams, and advancing the creation of new products focused on faster charging and renewable energy storage.
Akash Gupta, co-founder and chief executive of Clean Electric, emphasized the company’s mission to tackle key challenges in the EV sector. “Our innovations are primarily focused on advancing battery technology to solve the critical roadblocks in the adoption of electric vehicles. From single-digit EV penetration, the goal is to figure out what is needed to achieve a majority of vehicle sales being electric, rather than petrol or diesel,” Gupta stated in an interaction with ET.
Founded in 2016 by IIT-BHU graduates Akash Gupta, Abhinav Roy, and Ankit Joshi, Clean Electric is based in Pune. The startup has developed a proprietary rapid charging technology capable of fully charging electric vehicles in under 12 minutes, a significant improvement over the current 40 minutes to over an hour.
The company is working with approximately 12 electric vehicle OEMs and plans to extend its technology to electric four-wheelers (e-4W) and commercial vehicles. “We have commercialised the electric two-wheeler battery pack at scale. We are doing the same for electric three-wheelers, and the plan is to scale the electric four-wheeler solution, along with commercial vehicles, in the next 12 to 18 months,” Gupta added.
Currently, Clean Electric has an annual run rate (ARR) of about $1.2-1.5 million and aims to reach nearly $10 million ARR by the next September. The startup has now raised close to $9 million in total.
Chinmaya Sharma, partner at Info Edge Ventures, commented on the investment, “Our thesis is that there still remain pivotal unsolved parts in the value chain of electric mobility, both passenger and commercial. Reliable batteries that can be charged quickly without decline in cycles and range is a key example. Clean Electric’s current suite of products and technical prowess make them a key contender to solve this at a national, possibly global, scale.”
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