After developing lithium-ion automotive batteries for two and three wheelers and light commercial vehicles and raising $2 million funding from four investors, the IIT Madras incubated R&D outfit Grinntech Motors & Services will soon start manufacturing their product at their facility here.
IIT Madras
Chennai:
They said talks are on with domestic and overseas electric vehicle makers, power drive makers and also battery manufacturers for business. “The firm has raised $2 mn from four investors. Already a sum of $1 mn has gone into the company put in by the two promoters and IIT Research Park,” Lakshmi Narayanan, former VC, Cognizant and an investor told reporters. The other investors are former VC of Ashok Leyland V Sumantran, KS Manian of Radiance Group.