Saraogi says Cygni to revolutionize the energy storage market
Hyderabad-based Cygni Energy Private Limited has raised funds of US$12.5 million (Rs.100 Crores) through a combination of Equity and Debt to set up a new greenfield manufacturing facility in Telangana and grow the engineering division to fast-track the product development cycle.
The equity funding is led by Chennai-based Meridian Global Ventures and the debt by Indian Overseas Bank.
Cygni is a leading storage technology in India with cutting-edge expertise in EV Batteries (2W & 3W) and Energy Storage Systems (Telecom, Solar hybrid etc.).
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.
It 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.
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.
Cygni Energy CEO Venkat Rajaraman said on 27 Aug 2022, “This round of funding will help us strengthen our product offering and 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.
“The need for enhancing EV battery performance, safety and access to quality products has never been more pressing.”
“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 Government Principal Secretary Jayesh Ranjan elaborated, “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.” fiinews.com
