Indian energy startup AmpereHour raises $5 million
The Mumbai-based energy storage firm intends to use the funds to expand manufacturing and software capabilities, enhance R&D and boost product development, according to a report by the Economic Times.
Indian startup AmpereHour Energy has raised USD 5 million from Avaana Capital, with participation from UC Impower and other angel investors, according to a report by the Economic Times.
Founded in 2017 by IIT Bombay alumni, the Mumbai-based energy storage firm intends to use the funds to expand manufacturing and software capabilities, enhance R&D and boost product development, the report said.
Avaana Capital manages Avaana Climate and Sustainability Fund, investing in Indian businesses that are leveraging technology-led innovation to build and scale solutions for climate and sustainability.
“A lot of the proceeds of this fundraise will be utilised for providing the adequate financial strength to be able to execute our pipeline,” Ayush MisraMisra, CEO of AmpereHour, was quoted as saying in the Economic Times report. “In addition to this, as a technology company, we have to also invest a lot of the capital into building better hardware solutions or software solutions.”
AmpereHour specializes in building AI/ML-enabled Energy Storage Systems ranging from kW/kWh scale systems for Mini-grids to MW/MWh scale systems that can be co-located with solar PV or wind plants. The energy storage systems are plug-and-play and come in-built with AmpereHour’s proprietary Energy Management platform Elina.
The company’s clients including Amazon, Siemens, Coca-Cola and Indigrid.
According to Mishra, AmpereHour is currently commissioning about 50 MWh power storage capacity and plans to scale up to 1 GWh in the next 18 months based on existing contracted capacity.
The startup also has ongoing projects in Oman and Nigeria, while projects in Belgium and the UAE are currently under commissioning, the report said.
The company’s offerings include DC-coupled storage (to reduce PV clipping losses), standalone grid-connected system (to reduce diesel consumption) and a fully off-grid microgrid.