Maxvolt Energy Raises $1.5 Mn in Funding to Roll Out Fast-Charging Lithium-Ion Batteries

Electric vehicle battery manufacturer Maxvolt Energy Industries has successfully secured $1.5 million in an undisclosed funding round from multiple angel investors. The capital infusion is set to accelerate the development and introduction of fast-charging lithium-ion batteries.

Maxvolt Energy, founded in 2019 by Bhuvneshwar Pal Singh, Satendra Shukla, and Vishal Gupta, is focused on creating “world-class” lithium battery architectures for electric bikes, scooters, and solar energy systems. The company currently offers batteries for e-cycles, e-scooters, and e-rickshaws, along with comprehensive lithium battery energy solutions.

Maxvolt provides a 100% buyback and a 3-year replacement warranty at no extra cost for its batteries, catering to both B2B and B2C markets. The company’s B2B partners include Versatile escooters, Mantra ebikes, Odysse, and Ormax, among others. On the B2C front, Maxvolt boasts a customer base exceeding 1.5 lakh.

“We are developing a fast-charging solution that will 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,” said Maxvolt’s CBO Satendra Shukla.

Investor interest in Maxvolt comes at a time when EV adoption in India is rapidly accelerating. Registrations for electric two-wheelers (E2Ws) surpassed the 1 lakh mark in March alone, reflecting the growing enthusiasm among Indian consumers.

The central government is playing a crucial role in promoting EV adoption. It recently launched the INR 500 crore Electric Mobility Promotion Scheme 2024 to further incentivize electric mobility from April 1 until the end of July this year. Additionally, authorities are working on establishing a task force to develop a comprehensive roadmap for the EV industry.