Cygni plans to utilize the capital to boost growth and set-up giga-factory in Telangana.
Hyderabad-based Cygni Energy Pte Ltd has raised funds of $12.5 million through a combination of equity and debt. The equity funding is led by Meridian Global Ventures and the debt by Indian Overseas Bank, a leading Nationalized Bank in India. The company will use the funds 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 the state of Telangana.
Cygni is one of the first companies to implement battery swapping in its products for dockless applications and its storage solutions are designed with a safety-first objective. Cygni has technology collaboration with IIT Madras and also works with several OEMs to provide application-specific designs. The first company to be recognized under the ‘Make in India’ (Start-up India) scheme, Cygni is a leading storage technology in India with cutting-edge expertise in EV batteries (2W and 3W) and energy storage systems.
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 250MWh 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 customized 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 maximize 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.
“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,” Venkat Rajaraman, CEO, Cygni Energy 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.”
“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,” said Shri Jayesh Ranjan, Principal Secretary, Govt. of Telangana.