Bhubaneswar-based electric vehicle battery maker Nexus Power on Friday said it has secured an undisclosed capital from JITO Angel Network.
The startup, operated by Felis Leo Ventures Pvt Ltd, plans to use the fresh funds to ramp up research and development, scale operations and kick off smaller trials in partnership with India’s original equipment manufacturers.
“We believe Nexus batteries have the potential to fasten the global shift towards e-mobility. Partnering with the right ecosystem enablers like the JITO Angel Network shall enhance research and development and product development. With this round, we have rapid scalability and amplified operations in mind,” said Nishita Baliarsingh.
Co-Founder and CEO, Nexus Power
Nexus Power, established by Nishita and Nikita Baliarsingh in 2019, makes rechargeable, bio-organic and biodegradable batteries from crop residue.
The flagship technology from Nexus uses fully bio-degradable materials that could be turned into manure after the life cycle is complete to formulate the composition of the battery.
With their proprietary Peptide Crystal batteries, the startup aims to make the world less dependent on exhaustible resources like lithium, nickel and cobalt.
“Nexus Power’s technology solution goes a step ahead in making the EV space cleaner and more sustainable. We envision Nexus Power giving a new and fresh dimension to the approach of electric vehicle makers and the automobile space on the whole,” said Pooja Mehta, CIO, JITO Angel Network.
JITO Angel Network invests in budding entrepreneurs and supports them by leveraging the community platform of the Jain International trade organisation. It has a strong portfolio of over 56 companies where more than 25 startups have raised follow-on rounds.
As per a statement, this is JITO’s fifth bet on EV space. Recently, it backed Taqanal Energy, in which a total of Rs 9.5 crore was invested in a funding round.
Source Article: https://www.vccircle.com/jito-angel-network-backs-ev-battery-firm-nexus-power
