Trucking News

JITO Angel Network Invests In Nexus Power, An Electric Vehicle Battery Startup

Dibakar Yadav || New Delhi || 2nd May 2022

Nexus Power, a Bhubaneswar-based electric vehicle battery start-up, has received an undisclosed investment from JITO Angel Network, a worldwide community-based angel network in India.

The company is building crop residue batteries that are rechargeable, bio-organic, as well as biodegradable.

The battery’s composition is made up entirely of biodegradable components that can be transformed into manure at the end of its lifetime.

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The company claims it is on a journey to create a world that is less reliant on non-renewables like lithium, nickel, and cobalt by using patented Peptide Crystal batteries.

Because crops are plentiful, sourcing and production costs are reduced, lowering the cost of electric vehicles by more than 40%. The present financing will be used to improve R&D, ramp up operations, and begin smaller tests in India with contracted OEMs.

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This is JITO Angel Network’s fifth investment in an electric vehicle firm. The most recent investment came in Taqanal Energy, where JITO Angel Network, KITVEN, LetsVenture, plus Wellingdon Advisors put in a combined amount of Rs 9.5 crore in a pre-series round.

They envision Nexus Power adding a new and creative perspective to the methodology of electric vehicle manufacturers and the automotive space overall, stated CIO of JITO Angel Network, Pooja Mehta.

Nexus Power co-founder and CEO Nishita Baliarsingh stated, R&D and design will be aided by collaborating with the relevant ecosystem enablers, such as the JITO Angel Network.

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They are thus aiming for speedy scalability and expanded operations after this round. She added that Nexus packs are created entirely in India from crop waste and are economical and effective.

Through intensive R&D and product architecture, Nexus aims at transforming the energy storage business.

Dibakar Yadav

Author and Founder of Trucking News India

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