igrenEnergi, a technology innovator focused on improving the economics of solar and electric vehicles, received additional funding from Sunil Mehta, an active New York area angel. With this renewed commitment to igrenEnergi, Mehta has raised his investment in the company to $1 million or Rs 6 crore.
igrenEnergi is building a family of products for efficient energy conversion and storage, based on its patented 'energy packetisation' architecture. Their first product, an 8--panel solar optimiser, has been installed in the field by leading solar companies and has demonstrated meaningful increases in generation. The optimiser is scheduled for commercial launch in early 2016, and this latest round of funding will support progress towards the launch.
Sunil Mehta is a technology entrepreneur who has built and invested in $100 million businesses spanning the US, Europe, South America and Asia. His angel investments have focused on business services, mobile, edtech, ERP, and clean energy.
"The decision to increase my commitment was easy to make, after seeing the results of customer trials of igrenEnergi's unique solar optimiser," said Mehta.
"Product innovators like igrenEnergi are best poised to capture a disproportionate share of the value, as large new markets like India, with its 100 GW solar target, join existing leaders like US and Europe," he added.
"In addition to Sunil's financial support, we have benefited greatly from his strategic advice which is always grounded in common sense and communicated with clarity and simplicity," said Jiten Apte, CEO of igrenEnergi.
The company was founded in 2013 by IIT graduates with advanced degrees from engineering and management programs in the US. Their professional careers range from R&D at marquee US and Japanese technology companies, Professorship at the University of California, San Diego, and founding and executive management of seven prior technology-focused startups.
With its US team anchored in San Diego, and substantial R&D teams located in Mumbai and Bengaluru, the company is able to leverage the best of what both geographies have to offer.
igrenEnergi plans to initially release their products in India with the US/European markets to follow in quick succession.
(This news story is from The Economic Times)