Maxvolt Energy Industries, an electric vehicle (EV) battery manufacturer, has raised $1.5 million in a recent funding round from multiple angel investors.
Utilizing Fresh Capital for Innovation
The newly acquired funds will be directed towards the development and launch of fast-charging lithium-ion batteries. This move aligns with Maxvolt’s commitment to creating “world-class” lithium battery architectures, particularly for electric bikes, scooters, and solar energy systems.
Company Background and Offerings
Founded in 2019 by Bhuvneshwar Pal Singh, Satendra Shukla, and Vishal Gupta, Maxvolt Energy Industries offers a range of products including e-cycle, e-scooter, and e-rickshaw batteries. The company also provides comprehensive lithium battery energy solutions. Notably, Maxvolt’s batteries come with a 100% buyback policy and a 3-year replacement warranty at no additional cost, catering to both B2B and B2C markets.
Key Partnerships and Customer Base
Maxvolt’s B2B partners include prominent names such as Versatile escooters, Mantra ebikes, Odysse, and Ormax. On the B2C front, the company boasts a customer base exceeding 1.5 lakh.
Fast-Charging Solutions in Development
“We are developing a fast-charging solution that will significantly reduce customers’ charging times. In the prototype development phase, the company aims to launch the final product in phases by the end of 2024 after thorough R&D. In the first phase, we will reduce the charging time to 2 hours and 1 hour in the subsequent phase,” said Maxvolt’s CBO, Satendra Shukla.
Growing Interest Amidst Rising EV Adoption
Investor interest in Maxvolt comes at a time of increasing EV adoption in India. In March alone, registrations for electric two-wheelers surpassed the 1 lakh mark, highlighting the growing enthusiasm for electric mobility among Indians.
Government Support and Future Prospects
The Indian government’s initiatives are significantly contributing to the electrification of roads. The union government recently introduced the Electric Mobility Promotion Scheme 2024, a INR 500 crore initiative aimed at promoting electric mobility from April 1 to the end of July this year. Additionally, authorities are working to establish a task force to create a comprehensive roadmap for the EV industry.
Maxvolt Energy Industries is poised to make a substantial impact on the EV market with its fast-charging lithium-ion batteries. With strong investor backing and supportive government policies, the company is well-positioned to drive innovation and meet the rising demand for efficient and reliable EV battery solutions in India.
