Bengaluru-based EV battery solutions provider, The Energy Company, has raised $2 million in a pre-Series A funding round, led by Siana Capital, Callapina Capital, Z21 Ventures, 1Crowd, Lets Venture, and other investors. The company had previously raised $600,000 in a pre-seed round. 

The fresh funds will be used to expand Flexi, its full-stack battery intelligence platform, which helps commercial EV fleets improve battery lifespan and financing. The company also plans to scale up FlexiPack for electric two-wheelers and e-rickshaws while expanding into small and medium-sized energy storage systems. 

The Energy Company provides batteries with fast-charging capabilities, compatibility with public chargers, a lifespan of up to 2,500 cycles, and second-life readiness. 

According to Mercom Capital Group’s 2024 Annual and Q4 Funding Report, corporate funding for energy storage companies grew to $19.9 billion across 116 deals in 2024, up from $19 billion in 120 deals in 2023. Several EV battery firms in India have secured funding recently, driven by strong growth in the sector. 

EV sales in India hit a record 1.95 million units in 2024, marking a 27% year-over-year increase from 1.53 million units in 2023, according to the Ministry of Road Transport and Highways' Vahan Dashboard. EVs accounted for 3.6% of total automobile sales. 

A BloombergNEF (BNEF) report noted that EV battery prices fell below $100/kWh for the first time in 2024, averaging $97/kWh. While EVs have reached price parity with combustion vehicles in China, they remain costlier in other markets. BNEF expects more vehicle segments to achieve price parity globally as lower-cost batteries become widely available. 

Another BNEF report highlighted a 14% drop in lithium-ion battery pack prices in 2023, reaching a record low of $139/kWh, driven by declining raw material and component costs. 

(mercom)