Cygni Energy raised $12.5 million in a combination of equity and debt

August 26, 2022

, By Team SNFYI

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Lithium-ion (Li-ion) battery pack maker manufacturer Cygni Energy raised $12.5 million in a combination of equity and debt. While the equity funding round was led by Meridian Global Ventures, the debt round was led by the Indian Overseas Bank.

Cygni will use the fresh funds to fuel product development and business growth. Cygni intends to expand its engineering division in order to shorten the product development cycle, and it also intends to establish a new greenfield manufacturing facility in the state of Telangana. Cygni claims to be solving traditional Li-ion battery challenges for mass adoption of EVs across automotive platforms, having already deployed over 125 MWh of storage solutions and powered over 60,000 EVs. According to a recent NITI Aayog report, India’s total cumulative potential for battery storage by 2030 will be 600 GWh in the best-case scenario.

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Cygni Energy raised $12.5 million in a combination of equity and debt

August 26, 2022

, By Team SNFYI

Lithium-ion (Li-ion) battery pack maker manufacturer Cygni Energy raised $12.5 million in a combination of equity and debt. While the equity funding round was led by Meridian Global Ventures, the debt round was led by the Indian Overseas Bank.

Cygni will use the fresh funds to fuel product development and business growth. Cygni intends to expand its engineering division in order to shorten the product development cycle, and it also intends to establish a new greenfield manufacturing facility in the state of Telangana. Cygni claims to be solving traditional Li-ion battery challenges for mass adoption of EVs across automotive platforms, having already deployed over 125 MWh of storage solutions and powered over 60,000 EVs. According to a recent NITI Aayog report, India’s total cumulative potential for battery storage by 2030 will be 600 GWh in the best-case scenario.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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Previous News

Awign raised $15 Mn in Series B co-led by Bertelsmann India Investments and Amicus Capital Partners

Next News

Supreme Court: Indian government has not cooperated in the Pegasus investigation

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