Energy storage startup AmpereHour raises $5 Mn

Energy storage startup AmpereHour Energy has raised $5 million in a funding round (about Rs 43.6 crore) led by climate focused fund Avaana Capital along with participation from UC Impower and other existing angel investors.

Prior to this, the company had previously raised $2.45 million from AngelList and others.

The proceeds will be used to expand manufacturing and software capabilities, support research and development (R&D), and drive product development, AmpereHour Energy said in a press release.

Co-founded in 2017 by Ayush Misra, Rahul Shelke, Harshal Thakur and Neehar Jathar, AmpereHour Energy develops battery energy storage systems that help businesses and power grids efficiently store and manage electricity. The company specialises in stationary energy storage for power infrastructure.

According to the Mumbai based company, its proprietary Elina energy management software optimises battery performance for renewable energy integration, backup power and grid stability.

AmpereHour claims that it serves major clients, including Amazon, Siemens, Coca-Cola and Indigrid, and has deployed projects across more than 50 locations. It is currently commissioning about 50 megawatt-hours (MWh) of power storage capacity and plans to scale up to 1 gigawatt-hour (GWh) in the next 18 months based on existing contracted capacity.

AmpereHour Energy plans for geographical expansion. It has ongoing projects in Oman and Nigeria, while projects in Belgium and the UAE are currently under commissioning.