Cygni Energy Private Limited has announced that it has raised US $12.5 million (Rs. 100 crores) in debt and equity. The equity funding is led by Meridian Global Ventures and the debt by the Indian Overseas Bank.
The company will use the funds to support product development, business expansion, engineering division expansion to accelerate the product development cycle, and the construction of a new greenfield manufacturing facility in Telangana.
The Greenfield project will be capable of producing 40,000 battery packs per month with a capacity of 1.2GWh per year. This Gigafactory will assist Cygni in increasing battery production, quadrupling current capacity, and contributing to India’s growing demand for electric vehicles.
In accordance with the state’s EV policy, the company recently purchased a land parcel in Telangana to build the nation’s most advanced Li-ion battery manufacturing facility.
With firm plans to build a massive Gigafactory in Telangana, Cygni is redefining the future of energy storage in key verticals across India. Currently, a 250 MWh factory capable of producing 10,000 Li-ion battery packs per month is in operation. It provides customised energy storage solutions to many of the world’s leading automotive OEMs and energy companies.
Hyderabad-based Cygni Energy Private Limited, a leading technology-led energy storage company, was among the first to include battery swapping in its products for dockless applications, and its storage solutions are designed with safety in mind.
It is India’s leading storage technology company, specialising in EV Batteries (2W & 3W) and Energy Storage Systems. It was the first company to receive recognition under the ‘Make in India’ (Start-up India) programme (Telecom, Solar hybrid).
