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Start-up Neuron Energy leads EV battery innovation with impressive growth
Industry News- Sep 13,23
In 2023, 36 startups focused on EVs have secured over $480 million in investments.
Startups operating within the electric vehicle (EV) sector have consistently captured the attention of investors, amassing nearly half a billion dollars in funding this year, according to data obtained from TheKredible. In 2023, to date, 36 startups focused on EVs have secured over $480 million in investments. By comparison, in 2022, these EV startups garnered $796 million across 61 deals.
Beyond the traditional automobile manufacturers, companies specialising in batteries and charging solutions have also witnessed significant growth. One such standout is Neuron Energy, which boasts a deployment of more than 20,000 batteries for two and three-wheeled EVs.
Co-founded by Pratik Kamdar and Raj Shah, Neuron Energy offers advanced lithium-ion and lead-acid smart battery technology tailored for motorcycles, rickshaws, and golf carts. Recently, the company successfully secured Rs 20 crore in a pre-Series A funding round, reflecting its remarkable four-fold growth during FY23.
Pratik Kamdar, Co-founder and CEO of Neuron Energy, remarked, "Our revenue scaled nearly fourfold to Rs 30 crore in FY23, and we maintained profitability with Rs 30 lakh in profit after tax (PAT). Approximately 80% of our lithium-ion batteries are utilised in two-wheelers, with the remainder in three-wheelers."
In addition to collaborating directly with original equipment manufacturers (OEMs), Neuron Energy supplies batteries to small and medium-sized manufacturers that do not produce their own battery solutions. The company claims to have partnerships with 12 OEMs, including Komaki, YC Electric, E-Vishwa, EVTrick, 3EV, and 2.O.
Neuron Energy's reach extends to providing golf cart batteries in neighboring countries such as Kuwait, UAE, Maldives, Thailand, Malaysia, Sri Lanka, Nepal, and Bangladesh. The company also has plans for expansion into European, American, and African markets in the coming months.
Safety and reliability are paramount concerns in the EV battery industry, and Neuron Energy asserts that it has addressed both issues. Kamdar explained, "Our batteries are equipped with Bluetooth connectivity, and we resolve over 90% of issues through a combination of a mobile app and remote assistance."
Fire incidents in EVs have been a common concern, often attributed to battery-related issues. Kamdar emphasised that their batteries are exceptionally safe: "We conduct testing over a period of three to six months, monitoring the cells' performance under various conditions, including temperature and degradation life cycle. To date, we have not encountered any fire incidents among the 20,000 packs we have deployed in the market."
Buoyed by their outstanding four-fold growth in FY23, Neuron Energy has ambitious plans to raise a substantial round of funding by the end of the current fiscal year. Kamdar stated, "Following the trajectory of FY23, we aim to reach Rs 120 crore in revenue in FY24. In terms of installations, we are targeting the deployment of 50,000 batteries, currently installing anywhere between 3,000 to 5,000 units every month."
Source: entrackr.com
Neuron Energy
EV startups
Kuwait
UAE
Maldives
Thailand
Malaysia
Sri Lanka
Nepal
Bangladesh
Komaki
YC Electric
E-Vishwa
EVTrick
3EV
Pratik Kamdar
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