Hyderabad-based Cygni Energy Private Limited, a technology-led energy storage company, raised funds worth $12.5 million through a combination of equity and debt. The equity funding is led by Meridian Global Ventures and the debt by Indian Overseas Bank
Pexels
The company will use the funds to fuel product development, business growth, engineering division to fast-track the product development cycle and set up a new greenfield manufacturing facility in the state of Telangana.
Cygni is one of the first companies to implement battery swapping in its products for dockless applications and its storage solutions are designed with a safety-first objective, said a company statement.
“The need for enhancing EV battery performance, safety and access to quality products has never been more pressing. This round of funding will help us strengthen our product offering and set up the greenfield manufacturing facility with a capacity of 1.2GWh per annum. This not only validates our belief in technology but also accelerates the scale of manufacturing,” said Venkat Rajaraman, CEO, Cygni Energy.
“We see Cygni take a unique position to revolutionize the energy storage market by using technology and manufacturing. The company’s rapid growth demonstrates the strong demand for best-in-class products for electric vehicles and energy storage. We are pleased to lead the investment round with Cygni and partner with them on their growth journey,” said Rahul Saraogi, MD of Meridian Global Ventures.
Incubated at the “Incubation cell” of IIT Madras, Cygni has emerged as a storage technology company with established cutting-edge expertise in EV and energy storage. Focused on building alternative energy storage solutions for EVs 2W and 3W, it is solving challenges of traditional Li-Ion batteries for mass adoption of EVs across automotive platforms. Cygni has deployed over 125MWh of storage solutions and powered over 60,000 Electric Vehicles.
