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.