The growth of electric vehicles (EVs) is one of key drivers as the world transitions towards a sustainable future. In 2023 alone, global EV sales surged by 40-50% across key geographies. Electric cars accounted for around 18% of all cars sold in 2023, up from 14% in 2022 and only 2% in 2018. In India,1.67 million units of EV’s were sold in FY24 up from 1.18 million in FY23 representing a 42% growth. However, despite this rapid expansion, significant challenges remain for large-scale adoption and addressing these issues is crucial for unlocking the full potential of electric mobility.
The holy trifecta for mass EV adoption hinges on developing batteries that are fast-charging, reliable, and energy-dense. To accelerate the shift to electric mobility, the industry must urgently deliver batteries that excel in all three areas without compromise. With global carbon reduction goals on the horizon, achieving this trifecta is crucial to unlocking the green transition.
We are excited to announce our investment in Clean Electric in their $6M Series A round alongside Info Edge & Kalaari Capital. Clean Electric is a pioneering Indian company that is revolutionizing battery technology for EV’s. Clean Electric has developed groundbreaking rapid-charging solutions, capable of fully charging an electric vehicle in just 12 minutes, significantly outpacing existing state of the art globally that requires atleast 40 minutes to over an hour for a full charge (more common is 1-2 hour for 2 wheelers and 2-8 hours for 4 wheelers). By integrating advanced software algorithms and innovative battery architecture, Clean Electric is addressing the core challenges of the EV market - charging time, range, longevity, and safety.
Current lithium-ion batteries, though effective, are not equipped to meet the skyrocketing demand. Industry data shows that over 50% of potential EV buyers are deterred by slow charging times, desiring an experience as seamless as refueling with gasoline. This issue is even more pronounced for EV fleets, where multiple daily charges are necessary. Another major concern is safety. Battery fires, caused by thermal runaway, have made headlines worldwide, creating consumer hesitation. Addressing these concerns requires robust thermal management solutions and a fundamental shift in battery architecture.
Clean Electric's innovation encompasses advanced software algorithms and unique battery architecture. Their technology stack includes a patented Direct Contact Liquid Cooling (DCLC) system designed to mitigate thermal runaway risks and significantly extend battery life. Their unique integrated cell-to-pack (CTP) architecture results in world leading energy density, enhancing EV range. Their patented design, combined with their proprietary charging algorithm which has been trained over 500,000 hours of battery testing, enables vehicles to charge in just 10-12 minutes without compromising battery life, significantly outpacing existing state of the art globally that requires 40 minutes to over an hour for a full charge.
Additionally, Clean Electric’s technology is chemistry-agnostic, allowing it to be applied across various ionic battery chemistries such as NMC, LFP, Sodium ion etc . This flexibility makes it highly adaptable for both EV and grid storage applications, ensuring that their innovations impact multiple sectors of the green energy ecosystem.
Founded in 2016 by three visionary IIT-BHU graduates - Akash Gupta, Abhinav Roy, and Ankit Joshi; Clean Electric is becoming a leader in fast-charging technology. Over the past eight years, the company has tested and refined its battery solutions, demonstrating success in both electric two-wheelers and three-wheeler segments. Over the next 12 months, Clean Electric plans to roll out 10,000 batteries while expanding into electric four-wheelers and commercial vehicles.
Recently, Clean Electric demonstrated its 12-minute rapid charging capability on electric two- and three-wheelers in Pune, utilizing open network public charging stations (CCS 2, Bharat DC 001, and Type-6), while maintaining a battery life of over 3700 cycles. Clean Electric batteries can be charged rapidly without requiring any changes to the current public charging infrastructure. As a result, OEMs don’t need to setup their captive charging infrastructure and can take advantage of this interoperability thereby reducing the costs massively. This demonstration highlights the company’s dedication to pushing the boundaries of EV technology and redefining industry standards.
This Series A investment will be used to enhance Clean Electric’s R&D capabilities, scale up manufacturing, diversify its product portfolio, and accelerate sales growth as it continues to revolutionize battery technology for the global EV market. The team’s passion, technical expertise, and commitment to creating safer, faster, and longer-lasting batteries place them at the forefront of electric mobility innovation.
At pi Ventures, we are thrilled to partner with Clean Electric as they transform the EV landscape. Their breakthrough technology is not just pivotal for mass EV adoption but also represents a fundamental shift in energy storage management across industries. With their full stack approach integrating both hardware and software innovations, Clean Electric is poised to become a leader in the transition to cleaner, more sustainable transportation. We believe this investment will not only accelerate Clean Electric’s growth but also help reshape the future of electric mobility. This marks our inaugural investment in the EV sector as we continue to scout for world-leading technology startups.