Nexus Power, a Bhubaneswar-based electric vehicle battery maker, has raised undisclosed capital from JITO Angel Network.
The Bhubaneswar-based startup plans to use the raised funds to ramp up research and development, scale operations and kick off smaller trials in partnership with India’s original equipment manufacturers.
Nexus Power | Building A Future Beyond Lithium-ions
Founded by twin sisters Nishita and Nikita Baliarsingh in 2019, Nexus Power makes rechargeable, bio-organic and bio-degradable batteries from crop residue. It uses fully bio-degradable materials that could be turned into manure after the life cycle is complete to formulate the composition of the battery.
Speaking about the development, Nishita Baliarsingh, Co-Founder and CEO of Nexus Power, said,
“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.”
Nexus Power, with its proprietary Peptide Crystal batteries, aims to make the world less dependent on exhaustible resources like lithium, nickel and cobalt. As per the startup, batteries built through its patented technology are more efficient and effective as compared to Li-ion batteries as they have the potential to charge faster and last longer.
Commenting on the development, Pooja Mehta, CIO of JITO Angel Network, said,
“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.”
This investment in Bhubaneswar-based electric vehicle battery maker is JITO’s fifth bet on EV space. Recently, it invested in Taqanal Energy, a startup that develops cloud-connected smart modular battery energy storage solutions for the EV industry.
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