Energy storage solutions provider, Meine Electric, has raised $750,000 (~₹67 million) in a pre-seed funding round from Antler, Rebalance, Venture Catalysts, gradCapital, and AIC-AU Incubation Foundation, as well as angel investors.

This funding will be utilized to accelerate Meine’s transition from laboratory-scale prototypes to pilot-ready iron-air battery systems.

The company will also use the funds to scale up its commercialization roadmap, strengthen its team and research infrastructure, and deepen partnerships with independent power producers and energy-intensive commercial and industrial customers to support pilot product adoption.

Meine claims to have demonstrated its iron-air battery technology capable of working at a less than $0.05/kWh (~₹4/kWh) levelized cost of storage for long durations.

Iron-air batteries are manufactured using iron, air, and water. These batteries work on a reversible rusting process. Under this process, iron reacts with oxygen during discharge to form rust and release electricity. The reaction reverses during charging to regenerate metallic iron.

Meine claims its iron-air battery technology can provide 16 to 24 hours of storage and be fully charged in 8 hours.

“Our focus for the last three years has been to make iron-air chemistry stable and repeatable. Now we are proving it for the grid and C&I power requirements, building the evidence that iron-air storage can become a backbone asset for the world’s renewable-first future,” said Priyansh Mohan, Co-Founder and CEO at Meine Electric.

The company is building a multi-kilowatt grid-connected battery prototype. It plans to follow up this prototype with larger pilot units as part of its plan to deliver turnkey, containerised iron-air battery systems by 2027.

Corporate funding for energy storage companies came in at $11.2 billion across 85 deals in the first nine months of 2025, down 36% year-over-year from $17.6 billion across 83 deals, according to Mercom Capital Group’s 9M and Q3 2025 Funding and M&A Report for Energy Storage.

The global battery market is expected to grow to about 4.2 TWh by 2030 and 6.8 TWh by 2035, according to a report by McKinsey & Company.