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JITO Angel Network and K4 Forum Mumbai Network participated in this round. Halliburton Labs, a wholly owned subsidiary of American hydraulic fracturing operations company Halliburton, also took part in the funding round via Renkube’s selection to its clean energy accelerator.
CIIE.CO has conceptualized and hosted India’s first accelerator and created the only cleantech-focused fund. CIIE accelerated over 1,000 startups and has funded over 300 startups.
Renkube claims to be the world’s first company to offer a motion-free tracking solution embedded in the glass design for solar panels.
Large solar farms today have mechanical trackers as an option to increase energy yield, which results in 15% more capital cost. It also needs an experienced workforce to maintain the trackers, and the motors and gears have a limited warranty. Renkube intends to replace this cumbersome technology with its AI-based smart glass design that, once installed, lasts until the panel’s lifetime with zero maintenance overheads.
With the latest funds procured from the seed round, the firm plans industrial-scale manufacturing of its glass design for solar panels. The company aims to secure certifications and demonstrate the technology with customers in India, the US, and Australia.
CEO and Co-founder of Renkube, Balaji Lakshmikanth, “At Renkube, we want to enable the world to unlock the enormous potential of solar energy and accelerate the transition to a net zero carbon economy by 2070. Solar is booming, and let’s make it even better.”
The company said it would focus on the solar photovoltaic market to start with and will enable the technology in the future for different use cases, including integrated solar rooftops, agricultural PV, solar water heaters, and solar balconies.
Earlier this year, researchers at the Indian Institute of Technology Delhi said they had developed portable solar photovoltaic (PV) tracking towers of 3 kW and 5 kW capacity. The towers save space and can be operated mechanically and non-mechanically.