Hyderabad-based Cygni Energy Private Limited; a leading technology-led energy storage company announced that it has raised funds of USD $12.5 Million (Rs. 100 Crores) through a combination of Equity and Debt. The equity funding is led by Meridian Global Ventures and the debt by Indian Overseas Bank, a leading Nationalised Bank in India. The company will use the funds to fuel product development, business growth, grow the engineering division to fast-track the product development cycle and set up a new greenfield manufacturing facility in the state of Telangana.
Venkat Rajaraman, CEO, Cygni
Cygni is one of the first companies to implement battery swapping in its products for dockless applications and its storage solutions are designed with a safety-first objective. Cygni has technology collaboration with IIT Madras and also works with several OEMs to provide application-specific designs. The first company to be recognized under the ‘Make in India’ (Start-up India) scheme, Cygni is a leading storage technology in India with cutting-edge expertise in EV Batteries (2W & 3W) and Energy Storage Systems (Telecom, Solar hybrid etc.).
Cygni is redefining the future of energy storage across key verticals in India and has firm plans to set up a huge Gigafactory in Telangana. Currently operating a 250 MWh factory that has the capability to produce 10,000 Li-ion battery packs each month. It is working with many of the leading automotive OEMs and energy companies to assist them with customised energy storage solutions.
The Greenfield project will have the capability to produce 40,000 battery packs per month, with 1.2GWh annual capacity, when all the lines are fully operational. This Gigafactory will help Cygni maximise its battery production, scale the current capacity by 4X and contribute to the growing demand of electric vehicles in India. The company has recently acquired a land parcel in Telangana under the state EV policy to create the country’s most-advanced Li-ion battery manufacturing unit.
Speaking on the announcement, Venkat Rajaraman, CEO, Cygni Energy said, “The need for enhancing EV battery performance, safety and access to quality products has never been more pressing. This round of funding will help us strengthen our product offering & set up the greenfield manufacturing facility with a capacity of 1.2GWh per annum. This not only validates our belief in technology but also accelerate the scale of manufacturing.”
Commenting on the development, Mr. Rahul Saraogi, Managing Director of Meridian Global Ventures
Shri Jayesh Ranjan, Principal Secretary, Govt. of Telangana said, “Telangana has the best industrial infrastructure and is a leader in clean energy production. The State’s EV policy is aimed at promoting R&D and manufacturing in the Electric Vehicle and Energy Storage sector. The Electronic Manufacturing Cluster (EMC) in Maheshwaram is one of the best for this sector. We are happy that Cygni Energy, a leader in Energy Storage Solutions for Electric Vehicles, has chosen to set up its Energy Storage Gigafactory at our EMC. We look forward to working with them as they set up their world-class manufacturing facility.”
Incubated at the “Incubation Cell” of IIT Madras, Cygni has emerged as India’s leading storage technology company with established cutting-edge expertise in EV and Energy Storage. Focused on building alternative energy storage solutions for EVs 2W and 3W. Solving challenges of traditional Li-Ion batteries for mass adoption of EVs across automotive platforms. Cygni has deployed over 125MWh of storage solutions and powered over 60,000 Electric Vehicles.
For more information, please visit www.cygni.com.
About Meridian Global Ventures
Rahul Saraogi is the Chief Investment Officer of Atyant Capital and Managing Director of Meridian Global Ventures. In the last 20 years, he has focused on the Indian markets. Rahul’s value-based investment philosophy stands apart due to his belief in the paramount importance of corporate governance, specifically how management operates with its minority shareholders in mind. Rahul is the author of Investing in India: A Value Investor’s Guide to the Biggest Untapped Opportunity in the World, a definitive guide on navigating the Indian markets published by John Wiley & Sons. Rahul graduated from the Wharton School of the University of Pennsylvania with a degree in Economics.