Offgrid Energy Labs Bags USD 15 Mn Funding Led by Archean Chemical Industries The fresh funds will be used to set up a UK pilot unit, expand R&D, and commercialise zincgel batteries.
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Noida-based Offgrid Energy Labs has secured USD 15 million in fresh funding in a round led by Archean Chemical Industries with Ankur Capital also participating.
The company, which had earlier raised USD 12 million, has operations in India and Europe.
The new funds will support the establishment of a pilot manufacturing unit in the UK within the next year. Once operational, the startup plans to replicate the facility in India. The investment will also help expand research and development and accelerate the commercialisation of its zincgel batteries.
Founded in 2018 by Tejas Kusurkar, Rishi Srivastava, Ankur Agarwal, and Brindan Tulachan, Offgrid Energy Labs focuses on zinc bromine gel batteries. The company says the technology has been designed as a safer and more sustainable alternative to lithium ion for stationary energy storage, particularly suited for 6 to 12 hour long-duration use. This makes it suitable for industrial net-zero initiatives, peak demand management, and remote areas such as rural communities and islands.
The company says it has developed more than 25 intellectual property assets, with its proprietary electrolyte forming the foundation of its innovation.
India's renewable energy ambitions, with a target of 500 gigawatts by 2030, underline the growing need for energy storage solutions. Currently, the country has about 500 megawatt hours of battery storage capacity installed, according to the India Energy Storage Alliance.
In India's energy storage market, Offgrid Energy Labs faces competition from players such as Waaree Energies, Tata Power Solar, Vikram Solar, and HBL Power System, among others.
