These funds will be used for the company's research and development capabilities, including the establishment of an R&D laboratory in Pune.
06 Aug 2024 | 1889 Views | By Autocar Professional Bureau
Neuron Energy, an electric vehicle battery manufacturing firm, has raised Rs 20 crore in its Series A funding, which saw significant contributions from the Chona Family and Capri Global Family Office.
These funds will be used for the company's research and development capabilities, including the establishment of an R&D ...
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Neuron Energy, an electric vehicle battery manufacturing firm, has raised Rs 20 crore in its Series A funding, which saw significant contributions from the Chona Family and Capri Global Family Office.
These funds will be used for the company's research and development capabilities, including the establishment of an R&D laboratory in Pune. This facility will focus on enhancing battery life, reducing charging duration, and developing efficient cooling packs. Additionally, the investment will accelerate the company’s manufacturing capacity by setting up a new 40,000 sq. ft. production facility in Delhi, which is expected to produce 100 MWh of batteries annually, specifically for two-wheelers.
This expansion aims to meet the growing demand for high-performance EV batteries both domestically and globally, as Neuron Energy aims to clock Rs 150-200 crore in revenue in the current fiscal year, the press release noted.
Pratik Kamdar, CEO and Co-founder of Neuron Energy said, "These investments will drive our innovation efforts in EV battery technology and support our goal of achieving a revenue of Rs 300 crore by FY 25-26."
Nirali Solani, Director Chona Family Office, "Neuron commitment to innovation, sustainability, and excellence aligns perfectly with our values. By investing in Neuron Energy, we are contributing to a future where clean energy solutions are accessible and impactful."