What's Happening?
Offgrid Energy Labs, a Noida-based company specializing in zinc bromine gel batteries, has raised $15 million in funding led by Archean Chemical Industries, with participation from Ankur Capital. The funds will be used to establish a pilot manufacturing unit in the UK, expand research and development, and accelerate the commercialization of its zincgel batteries. Founded in 2018, Offgrid Energy Labs aims to provide a safer and more sustainable alternative to lithium-ion batteries for stationary energy storage, particularly for long-duration use. The company has developed over 25 intellectual property assets, focusing on its proprietary electrolyte technology.
Why It's Important?
The funding for Offgrid Energy Labs underscores the growing demand for innovative energy storage solutions, particularly in the context of India's renewable energy goals. With a target of 500 gigawatts by 2030, India requires efficient storage technologies to support its energy transition. Zincgel batteries offer a promising alternative to lithium-ion, addressing safety and sustainability concerns. The investment will enable Offgrid Energy Labs to enhance its technological capabilities and expand its market presence, potentially influencing the energy storage landscape in India and beyond.
What's Next?
Offgrid Energy Labs plans to set up a pilot unit in the UK within the next year, followed by a similar facility in India. The company will focus on expanding its research and development efforts and accelerating the commercialization of its zincgel batteries. As the energy storage market evolves, Offgrid Energy Labs will likely face competition from established players, necessitating continued innovation and strategic partnerships to maintain its competitive edge.
