Maxvolt Energy Secures USD 1.5 Million to Enhance Lithium Battery Manufacturing and Recycling
Maxvolt Energy Industries, a leading electric vehicle (EV) battery manufacturer, has successfully raised USD 1.5 million in an undisclosed funding round from multiple angel investors. This capital will be used to accelerate the company’s plans to develop and introduce fast-charging lithium-ion batteries, expanding its lithium battery manufacturing and recycling efforts.
The startup, founded in 2019 by Bhuvneshwar Pal Singh, Satendra Shukla, and Vishal Gupta, has made significant strides in the electric vehicle battery market, offering e-cycle, e-scooter, and e-rickshaw batteries, along with lithium battery energy solutions. With this new funding, Maxvolt aims to create world-class lithium battery architectures for a variety of applications, including electric bikes, scooters, and solar energy systems.
Maxvolt is committed to providing long-lasting and sustainable energy solutions, offering a 100% buyback and 3-year replacement warranty for its batteries, ensuring customer satisfaction. The company follows both B2B and B2C business models, with notable B2B partnerships including Versatile e-scooters, Mantra e-bikes, Odysse, and Ormax. On the B2C front, Maxvolt boasts a growing customer base of over 150,000.
Satendra Shukla, Maxvolt’s Chief Business Officer (CBO), commented on the funding, saying, “We are developing a fast-charging solution that will drastically reduce charging times for customers. This solution is in the prototype development phase, and we plan to launch it in phases by the end of 2024 after thorough research and development.”
Maxvolt is also placing significant focus on battery recycling, ensuring that old batteries are repurposed for second-life applications, such as solar streetlights, routers, CCTV cameras, and portable lights. The company is further planning the establishment of state-of-the-art recycling plants to contribute to sustainability efforts and reduce carbon footprints.
With this investment, Maxvolt Energy is well-positioned to meet the rising demand for eco-friendly energy solutions and innovative battery technologies as the global shift towards clean energy continues.
