Even as the world is increasingly embracing sustainable energy, the adoption of electric vehicles (EVs) is taking off at a very fast pace. Amid this, India is taking the lead with its market size projected to be worth a whopping $114 billion by 2029.
The caveat, however, is that the technology is still in its infancy. Technological progress is important to further democratize the sustainability of energy-based vehicles. Trydan Tech, a Trivandrum-based startup, is exclusively focusing on making energy storage better.
Founded by Hari Krishnan, and Satheesh Kumar, Trydan Tech’s proprietary technology aims at improving power, longer battery life, and higher efficiency, without compromising energy density i.e. range.
Krishnan told Entrackr that there is a lot of scope in improving the quality of modern batteries used in EVs, and can eventually help customers and businesses in this space.
He further said that while most of the innovations are taking place in improving the energy density (range), the better battery life in the longer-term and improved under-the-hood technology can be more useful.
Trydan Tech, which also has a presence in the US (California), has set up an R&D facility in Coimbatore. It is an 8,000 square feet facility that is dedicated to cell development.
“Our agnostic technology enhances the current battery technology by combining high power and high energy characteristics with a significant improvement in cycle life,” the founder said.
This makes the product suitable for high-power applications such as aviation, aerospace, air mobility, and other heavy-powered vehicles including boats, he added.
Even as Trydan Tech is perfecting modern batteries, it is also going to diversify its horizon by exploring lithium battery alternatives. Lithium is currently among the widely used components to power devices and vehicles. However, in recent years there have been efforts to reduce the dependence on lithium as well. Trydan Tech is planning to expand its R&D efforts to cover sodium-ion batteries as well as harness hydrogen fuel cell technology in the future.
To date, Trydan Tech has raised $250,000 in pre-seed funding. The company plans to raise more funds within the next 10 months to 12 months. The fresh capital will be primarily used to expand the company’s production capacity.
That said, Trydan Tech isn’t alone in its endeavors. Startups like Log9 Materials are leveraging technology to upgrade the EV space, as well. The Bengaluru-based firm raised $40 million as a part of its Series B funding in a mix of equity and debt in January this year.
Overall, EV and related startups are gaining interest from VC investors as well. As per data compiled by Fintrackr, nearly 43 startups in the EV mobility space have raised funds worth around $673 million as of September 2022. Considering the consumer interest, the scale is likely to go even up this year.