JITO Angel Network, a world community-based Angel community, at the moment introduced an funding for an undisclosed quantity in electrical automobile (EV) battery producer Nexus Power. The angel community says that this funding is in keeping with its dedication to gasoline the nation’s sustainable growth objectives.
Nexus Power is a Bhubaneswar–primarily based startup that makes rechargeable, bio-organic, and biodegradable batteries from crop residue. The firm says that it makes use of totally bio-degradable supplies that could possibly be become manure after the life cycle is full to formulate the composition of the battery. With their proprietary Peptide Crystal batteries, the corporate goals to make the world much less depending on exhaustible assets like Lithium, Nickel, and Cobalt.
This is the fifth firm within the EV area that JITO Angel Network has invested in. The newest funding was in Taqanal Energy, during which a complete of Rs 9.5 crore was invested in a pre-series spherical from JITO Angel Network together with KITVEN, LetsVenture, and Wellingdon Advisors.
Commenting on the funding, Pooja Mehta, CIO, JITO Angel Network, mentioned, “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. There is no doubt that the company is slated to create ripples in this ever-expanding and evolving space.”
Nishita Baliarsingh, Co-founder & Chief Executive Officer, Nexus Power, added, “Looking at the current trends and dynamics of the automotive industry; dependable and environment-friendly batteries are the need of the hour. 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 R & D and product development. With this round, we have rapid scalability and amplified operations in mind!”