MaxVolt Energy’s flagship product, sold under the MaxVolt Energy brand, is an economical and efficient lithium-ion battery that comes with end-to-end service. The batteries offer fast charging and a longer range per charge, and are priced at INR 13.5 to 16.5 per watt-hour, below the industry standard.

Under a buy-back program, customers can return used batteries, which are then recycled or reused.

We invested in MaxVolt for several reasons together. Its lithium-ion batteries are built for harsh domestic operating conditions and come with end-to-end service. They are priced below the industry standard, and the buy-back program, under which used batteries are recycled or reused, gives the business a circular-economy model. The three co-founders bring 6, 16 and 15+ years of experience across renewable energy and battery R&D, business development and finance.

The company also operates in a growing market. India’s annual battery market could exceed $15 billion by 2030, and the Indian lithium-ion battery market is expected to grow from USD 2.34 billion in 2022 to USD 5.75 billion in 2028, a CAGR of 17.23%. Globally, the lithium-ion battery market is projected to reach USD 193.13 billion by 2028.