Electric vehicle and energy storage company Gegadyne raised $5 mn in strategic investment from electrical appliances giant V-Guard. The fresh funds would be put to work towards scaling up its operations and further enhance research and development.
The startup claims that it has developed ‘game-changing’ and eco-friendly alternatives to conventional lithium-ion batteries. Gegadyne’s batteries charge from 0 to 100% in around 15 minutes; unlike lithium-ion batteries that take hours to recharge. Interestingly Gegadyne’s batteries have the same energy density to that of lithium-ion batteries.