Battery cell manufacturer Rincell Corporation has raised $1.2 million in a seed round led by US-based NextGen Battery Chem Ventures LLC, managed by globally-renowned venture capitalist, Sandiip Bhammer.
The funds will be utilised to get its 18650 and 21700 silicon-graphite batteries ready for commercial production in this year, Rincell said in a press release.
Co-founded in 2023 by Jignesh Parikh and Jagjit Nanda, Rincell manufactures performance silicon-graphite, lithium manganese iron phosphate (LMFP) and sodium-ion batteries for government and commercial applications. The company aims to accelerate its mission of electrifying critical sectors with high capacity-performance batteries using a secure supply chain.
According to Rincell, it has been shipping samples of its highest capacity-performance 18650 and 21700 Silicon-Graphite batteries to government and commercial customers, including Inventus Power, the largest independent battery pack manufacturer in North America.
Besides Rincell, Log9, Battery Smart, Lohum, Nexus Battery, Log 9 Materials, Chargeup, Inverted and Yulu are also providing battery solutions for the EV industry.