Maxvolt Energy Industries, a manufacturer and supplier of lithium battery packs for electric vehicles, energy storage systems, and medical devices, has raised $1.5 million in funding from multiple angel investors. The company stated the investment will support its plans to advance sustainable energy solutions and strengthen its market position by introducing fast-charging lithium-ion batteries soon.
Maxvolt aims to develop world-class lithium batteries for various sectors, including electric bikes, scooters, and solar energy systems, while adhering to global compliance and technological advancements.
Satendra Shukla, chief business officer of Maxvolt Energy, stated, “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 to 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 earned revenue of INR 48.60 crore in the last fiscal year with a 100% CAGR.
“The global lithium-based battery industry is projected to reach a total addressable market (TAM) of $300 billion by 2035. Maxvolt is strategically positioned to capitalise on this growing demand for sustainable energy solutions. The recent funding aligns perfectly with our plans, enabling us to accelerate our innovation in lithium battery technology,” Shukla added. “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.”
Maxvolt also repurposes used batteries for a second life in small rechargeable applications such as solar streetlights, routers, CCTV cameras, portable lights and toys. The company has also announced its plan to establish cutting-edge recycling plants.
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