igrenEnergi, a startup focussed on maximising benefits of solar energy through tech innovation, has raised an additional amount of funding from New York-based angel investor Sunil Mehta.
The startup is due to launch its first commercial product- an 8 panel solar DC Optimizer- shortly in India and the US. The fresh funds will be geared towards supporting that launch. With this round of funding, the total investment from Sunil Mehta individually, has come close to $1 million (about 6 crores) in igrenEnergi.
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,
said Sunil Mehta.
igrenEnergi has developed a technology called ‘Energy Packetization Architecture’ which helps in improving the performance of solar energy per unit cost, something which has been a major challenge for solar industry for a long time.
The first product based on this technology, the 8 panel DC optimizer has been installed in the field by leading solar companies with extremely positive results which led Sunil Mehta to increase his investment to support its commercial launch.
On Mehta’s investment and support, CEO of igrenEnergi, Jiten Apte said,
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.
igrenEnergi was launched in 2013 by IIT graduates having advanced degree in engineering and management. The founders have a vast experience across a range of industries and sectors including work in research and development at marquee the US and Japanese tech firms, association with seven tech-based startups, and Professorship at the University of California, San Diego.
The startup has been incubated at IIT Bombay and plans to create disruptive products to optimise the efficiency of energy generation, conversion, management, control, and storage of energy as well as smart grid interactions.
In addition to the solar industry, these products will also be targeted towards the Electricity Storage industry and Electric Vehicles.The company headquarters are based in the US and also has offices in Mumbai and Bangalore.