Maxvolt Energy Industries, a prominent electric vehicle battery manufacturer, has recently announced securing $1.5 million in funding from multiple angel investors. This investment aims to accelerate the development and deployment of fast-charging lithium-ion batteries.
Founded in 2019 by Bhuvneshwar Pal Singh, Satendra Shukla, and Vishal Gupta, Maxvolt Energy is dedicated to creating cutting-edge lithium battery architectures tailored for electric bikes, scooters, and solar energy systems. The company’s product range currently includes batteries for e-cycles, e-scooters, and e-rickshaws, along with comprehensive lithium battery energy solutions.
Maxvolt’s offerings come with a compelling value proposition, offering a 100% buyback and a 3-year replacement warranty at no additional cost. This approach has allowed the company to serve both B2B and B2C markets effectively. Notable B2B partners include Versatile escooters, Mantra ebikes, Odysse, and Ormax, while Maxvolt boasts a substantial B2C customer base exceeding 1.5 lakh.
Satendra Shukla, Maxvolt’s Chief Business Officer, shared insights into the company’s future plans, emphasizing the development of a fast-charging solution aimed at significantly reducing charging times for customers. The company aims to launch the final product in phases by the end of 2024, following thorough research and development. In the initial phase, charging times are expected to be reduced to 2 hours, with further reductions to 1 hour in subsequent phases.
Maxvolt’s recent investment comes amidst a rapid acceleration in electric vehicle adoption across India. In March alone, registrations for electric two-wheelers (E2Ws) surpassed the 1 lakh mark, indicating a surge in interest among Indian consumers.
The Indian government’s initiatives further bolster the EV landscape, with the recent launch of the INR 500 crore Electric Mobility Promotion Scheme 2024, providing additional incentives for electric mobility until the end of July. The aim is to develop a comprehensive roadmap for the EV industry, highlighting the nation’s commitment to sustainable transportation solutions.