The company claims it has a technology that is 50 times better than the conventionally used Lithium-ion batteries. The technology, according to Varghese, will help cut present battery price of around $300 per kilowatt-hour (kWh) by half.
“In the future, with our technology in the market, we are likely to charge our mobile devices at the blink of an eye, have our vehicles charge in minutes, and have smart grids that can withstand the heaviest of peak hours,” Varghese said.
The start-up recently raised an undisclosed amount from the Mumbai Angles Network.
The company plans to use a significant part of the fund for research and development and certification.
The idea for the start-up came when Varghese and Gadiwan were together making an electric car as part of their engineering final-year project. The batteries needed for the car, Varghese said, were at least three times costlier than the cost they incurred in procuring and building the rest of the vehicle. Apart from the high price, the available batteries were not even up to the mark. While the lead-acid battery was bulky and took an eternity to charge, the Lithium-ion battery could blow up if overcharged.
“We realised that an alternate remedy to this issue needs to be found. We dropped out of our college the same year and began our research in finding the next best battery technology
for the future electric vehicles,” Varghese said.
Elaborating on the technology, Varghese said they have been working on supercapacitors, which can capture and release a huge amount of energy in seconds, as a primary source of energy storage.
Although supercapacitors are in use for some time now, they have not found use in regular batteries due to large size. The supercapacitors being developed by Gegadyne will have a higher energy density and will take only a fraction of space.
The start-up sees huge potential in the current scenario where the world is looking to adopt clean energy. However, making inroads in the battery industry will be a challenge as the adoption of a new technology requires shifts in practices and investments on the part of suppliers, manufacturers, and end customers.
For Gegadyne to be successful, auto manufacturers and renewable energy
component manufacturers should see enough promise in their vision and technology.