Mumbai, March 13 -- Mumbai-based energy storage startup AmpereHour Energy has raised $5 million from Avaana Capital, with participation from UC Impower and other angel investors.
Founded in 2017 by IIT Bombay alumni, AmpereHour Energy focuses on building AI/ML-enabled Energy Storage Systems ranging from kW/kWh scale systems for Mini-grids to MW/MWh scale systems compatible with solar PV and wind plants. The systems are designed to be plug-and-play, integrated with the company's proprietary Energy Management platform, Elina.
The fresh capital will be directed towards expanding manufacturing and software capabilities, enhancing R&D, and boosting product development. The startup aims to scale its power storage capacity from the current 50 MWh to 1 GWh within the next 18 months, based on its existing contracted capacity.
Speaking about the funding, Ayush Misra, CEO of AmpereHour, said, "A lot of the proceeds of this fundraise will be utilised for providing the adequate financial strength to be able to execute our pipeline. 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 Energy's clientele includes Amazon, Siemens, Coca-Cola, and Indigrid. The company is also working on projects internationally, with ongoing installations in Oman and Nigeria, while projects in Belgium and the UAE are currently under commissioning.
The startup offers a variety of energy storage solutions, including DC-coupled storage systems to reduce PV clipping losses, standalone grid-connected systems to minimize diesel consumption, and fully off-grid microgrid solutions.
Avaana Capital, which manages the Avaana Climate and Sustainability Fund, focuses on investing in Indian businesses leveraging technology-led innovation to build scalable solutions for climate and sustainability.
AmpereHour Energy's successful funding round highlights the growing investor interest in clean energy solutions aimed at enhancing energy storage and management systems worldwide.
Published by HT Digital Content Services with permission from Construction World.