Cloud-connected energy storage solutions provider Taqanal Energy raised ₹95 million (~$1.24 million) in a pre-series round from JITO Angel Network. The round saw participation from KITVEN, Lets Venture, and Wellingdon Advisors.

The funds will be further utilized to complete Taqanal Energy’s product development and roll out their battery swapping and monitoring solutions in 2022-23.

Taqanal Energy provides cloud-connected energy storage solutions for the electric vehicle (EV) and stationary energy storage industry. The company states its goal is to accelerate the transition to EVs. The company also intends to connect internet of things (IoT) devices like battery management systems and telecommunication units to connect different energy storage devices to its software-as-a-solution (SaaS) platform.

“JITO Angel Network helped us complete our investment goal by connecting us with specific investors interested in this sector. The fundraising process was well structured, and we were able to close the round quickly,” said Mohan Satyaranjan, Co-Founder of Taqanal Energy.

Taqanal Energy offers a wide range of services such as battery swapping, battery as-a-service (BaaS), EV-as-a-service (EVaaS), remote battery management and data analytics.

The company claims to serve various industries like automobile, railways, aerospace, renewable energy, medical science, military, recreation, and electronics.

“There is a huge opportunity in the EV space, and Taqanal Energy has evolved newer SaaS models, which will help in the seamless transitioning of smarter solutions catering to this segment. We are confident that the company will create a niche for themselves in a still under-penetrated and un-served market, thus bringing multiple benefits to stakeholders across the value chain,” said Sunil Kumar Singhvi, Vice Chairman of JITO Angel Network.

JITO Angel Network claims to have helped raise over ₹1 billion for over 56 companies in India to date.

Researchers at the National Renewable Energy Laboratory (NREL) have found that energy storage can provide a range of grid services and has the potential to play an essential role in the development of a cost-effective power sector for India. A report by NREL finds battery storage investments to be cost-effective in 26 of the 36 Indian states and union territories by 2030.

According to Mercom’s 2021 Q4 and Annual Funding and M&A Report for Storage, Grid & Efficiency, VC funding for battery storage companies in 2021 totaled $8.8 billion in 81 deals, compared to $1.6 billion raised in 32 deals in 2020, a 470% increase.