The Business Bytes
TBB BUREAU
HYDERABAD, AUGUST 27, 2022
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 crore) through a combination of Equity and Debt 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 Telangana.
The equity funding is led by Meridian Global Ventures and the debt by Indian Overseas Bank.
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, Rahul Saraogi, Managing Director of Meridian Global Ventures said, “We see Cygni take a unique position to revolutionize the energy storage market by using technology and manufacturing. The company’s rapid growth demonstrates the strong demand for best-in-class products for electric vehicles and energy storage. We are pleased to lead the investment round with Cygni and partner with them on their growth journey.”
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.”
