With the help of several angel investors, Maxvolt Energy Industries has successfully raised 1.5 million US dollars in fundraising. With the imminent introduction of fast-charging lithium-ion batteries, Maxvolt Energy will be able to further its ambitious objectives to improve sustainable energy solutions, cutting-edge lithium-based batteries and fortify its position in the market with this sizeable cash infusion.
Maxvolt is dedicated to innovation and quality, and its goal is to create world-class lithium battery designs that comply with worldwide regulations and technical improvements for a range of applications, such as electric bikes, scooters, and solar energy systems, affirmed its official release.
Satendra Shukla, Chief Business Officer of Maxvolt Energy, shared his plans for the funding round, stating, “This fundraising is a testament to our investors’ confidence in our vision and business model. As a purpose-driven organisation, Maxvolt is dedicated to providing eco-friendly energy solutions through our cutting-edge lithium-based batteries. 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.”
With a 100% CAGR, Maxvolt recorded revenue of INR 48.60 crore in the most recent fiscal year. Maxvolt Energy is well-positioned for long-term success in the dynamic energy storage sector because of its remarkable expansion, noted the release.
By 2035, it is anticipated that the worldwide lithium-based battery market would have a total addressable market (TAM) of USD 300 billion. Maxvolt is ideally situated to profit from the rising demand for environmentally friendly energy options. Their ambitions are ideally aligned with the current financing, which will allow them to advance their innovation in lithium battery technology.
“This investment will accelerate our research and development efforts, enhance the production capacity, and expand our market reach, enabling us to significantly impact reducing carbon footprints through sustainable practices and innovative technology,” Mr. Shukla further added.
Maxvolt prioritizes reusability and uses cutting-edge methods to try and prolong the life of outdated batteries. With the use of these techniques, lithium batteries may be given a second chance at life by being used in a variety of tiny rechargeable devices, including toys, CCTV cameras, routers, streetlights, and portable lights.
The business is also thrilled to reveal that it intends to build state-of-the-art recycling facilities. Maxvolt Energy is providing innovative and revolutionary ways to support the current technological world, from enabling consumer gadgets and electric cars and portable lighting to using solar energy.
