Lead-acid battery newbies Greenvision Technologies has secured an $8million (Rs 52 crore) investment from a Singapore-based venture fund company.
The Indian start-up — which only entered the battery industry three years ago— gained the funding from Vintage Energy & Resources.
Based in Bengaluru, Greenvision Technologies was founded by Biju Bruno and Atul Mehta to research, design and manufacture AGM and Gel VRLA batteries.
Bruno said: “Our battery business is a new one, and we got there because we discovered that the market potential is huge for batteries, especially in emerging sectors like solar and electric vehicles.”
The firm’s manufacturing facility is based at Hosur in Tamil Nadu. It sells its products under the brand name Relicell, exports its products to the middle-east and Africa and has filed five patent applications.
Relicell batteries are tested and certified by leading laboratories including CPRI (Central Power Research Institute) and ETDC (Electronic Test & Development Centre).
The company recently launched a maintenance-free gel-based battery for home inverter applications, and back in January launched a battery for India’s growing e-rickshaw market.