Bhubaneswar-based electric vehicle battery maker Nexus Power has raised an undisclosed amount in funding from JITO Angel Network.
The startup plans to use the funds to launch research and development, large-scale operations, and small trials in partnership with India’s original equipment manufacturers.
Founded in 2019 by twin sisters Nishita and Nikita Baliarsingh, Nexus Power manufactures rechargeable, bio-organic, and biodegradable batteries from crop residues.
Through its flagship technology, the startup uses fully bio-degradable materials that can be composted after the completion of the life cycle to form the structure of the battery.
With its proprietary peptide crystal battery, the company aims to make the world less dependent on aggregate resources such as lithium, nickel, and cobalt.
“We believe Nexus batteries have the potential to fasten the global shift towards e-mobility. Partnering with the right ecosystem enablers like the JITO Angel Network shall enhance research and development and product development. With this round, we have rapid scalability and amplified operations in mind,” said, Nishita Baliarsingh, Co-Founder and CEO, Nexus Power.
“Nexus Power’s technology solution goes a step ahead in making the EV space cleaner and more sustainable. We envision Nexus Power giving a new and fresh dimension to the approach of electric vehicle makers and the automobile space on the whole”, said, Pooja Mehta, CIO, JITO Angel Network.
JITO Angel Network invests in and supports budding entrepreneurs and has a strong portfolio of over 56 companies with over 25 startups raising follow-on rounds. According to a statement, this is JITO’s fifth bet on the EV space. Recently, it backed Taqanal Energy, in which it invested a total of Rs 9.5 crore in a funding round.
About Nexus Power
They make rechargeable, bio-organic, and bio-degradable batteries from crop residue. These batteries can be used to power mobile phones, electric cars, electronic gadgets, commercial vehicles and other objects which need a battery as the source of power to function. Most of the elements used in the complete process of making the bio-organic batteries are Eco – friendly and available in nature in good quantities.
The designed batteries are biodegradable and can be used in enhancing the quality of manure after degradation. The crop residue batteries can be recycled and used to make new batteries at no extra cost as well. The batteries built through their patented technology, are more efficient and effective as compared to li-ion batteries as they have the potential to charge faster and last longer.