Maxvolt Energy Industries, a manufacturer and supplier of lithium battery packs for electric vehicles, energy storage systems, and medical devices, has raised $1.5 million in funding from multiple angel investors.

The company said the investment will support its plans to advance sustainable energy solutions and strengthen its market position by quickly introducing fast-charging lithium-ion batteries.

Maxvolt said it aims to develop world-class lithium batteries for various sectors, including electric bikes, scooters, and solar energy systems.

“As a purpose-driven organization, Maxvolt is dedicated to providing eco-friendly energy solutions through our cutting-edge lithium-based batteries,” said Satendra Shukla, chief business officer of Maxvolt Energy. “We are developing a fast-charging solution to significantly reduce customers’ charging times. In the prototype development phase, the company aims to launch the final product in phases by the end of 2024 after thorough R&D. In the first phase, we will reduce the charging time to two hours and one hour in the subsequent phase.”

Shukla said that the global lithium-based battery industry is projected to reach a total addressable market of $300 billion by 2035. He said Maxvolt is strategically positioned to capitalize on this growing demand for sustainable energy solutions. The new funds will accelerate its R&D efforts, enhance production capacity, and expand market reach. Shukla said this will enable the company to significantly reduce its carbon footprint through sustainable practices and innovative technology.

Maxvolt is repurposing used batteries for second-life purposes in small rechargeable applications such as solar streetlights, routers, CCTV cameras, portable lights and toys. The company has also announced plans to establish cutting-edge recycling plants.