Maxvolt Energy Industries, a manufacturer and supplier of lithium battery packs for electric vehicles, energy storage systems, and medical devices, raised USD 1.5 million from multiple angel investors.
This capital infusion will support Maxvolt Energy's ambitious plans to advance sustainable energy solutions and strengthen its market position by introducing fast-charging lithium-ion batteries soon.
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."
Maxvolt registered revenue of Rs 48.60 Crore in the last fiscal year with 100 per cent CAGR. This impressive growth positions the startup for long-term success in the dynamic energy storage market.
“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,” Shukla further added.
