Maxvolt Energy, a lithium battery manufacturer and supplier, has raised $1.5 million in funding from multiple angel investors.
The company plans to use the newly acquired capital to develop and introduce fast-charging lithium-ion batteries.
Maxvolt Energy aims to launch the final product in phases by the end of 2024, starting with a reduction in charging time to two hours, followed by a further reduction to just one hour.
Founded in 2019 by Bhuvneshwar Pal Singh, Satendra Shukla, and Vishal Gupta, Maxvolt Energy produces lithium battery packs for various applications.
The company currently offers batteries for e-cycles, e-scooters, and e-rickshaws, along with comprehensive lithium battery energy solutions.
Maxvolt Energy operates in both B2B and B2C markets, providing a 100% buyback and a three-year replacement warranty at no extra charge.
Its B2B partners include Versatile e-scooters, Mantra e-bikes, Odysse, and Ormax, while its B2C segment boasts a customer base of over 1,50,000.
The funding arrives at a time when EV adoption in India is gaining significant momentum.
In March alone, registrations for electric two-wheelers (E2Ws) surpassed 1,00,000 units, highlighting the growing interest among Indian consumers.
This surge is fueled by the Indian government’s efforts to promote electric mobility, including the recent launch of the INR 500 Crore Electric Mobility Promotion Scheme 2024, which will be in effect until the end of July.
Additionally, authorities are working to establish a task force to develop a comprehensive roadmap for the EV industry, further supporting the transition to electric transportation on Indian roads.
