Maxvolt Energy Industries, a Noida-based producer and supplier of lithium battery packs for electric vehicles (EVs), has secured $1.5 million in funding from several angel investors to advance its sustainable energy solutions by launching fast-charging lithium-ion batteries and establishing recycling facilities. The financing will bolster the company’s research and development efforts into lithium battery designs for EVs like scooters and rickshaws, energy storage systems, and medical devices. A primary focus will be on decreasing the charging times for their batteries.
The company plans to roll out the final product in stages by the end of 2024 following comprehensive research and development. In the first phase, the company intends to cut the charging time to 2 hours, with a further reduction to 1 hour in the next phase. Maxvolt is also focusing on repurposing and recycling old batteries, giving them a second life for use in applications such as solar streetlights and portable electronics. Additionally, the company intends to set up recycling plants.
