The investment will support Offgrid’s manufacturing scale-up and enable ACIL to participate in the rapidly growing energy storage market
Archean Chemical Industries Limited (ACIL) has successfully executed agreements with Offgrid Energy Labs and its existing stockholders for an investment of US $12 million in a Series A fundraise, securing a 21% stake.
Archean Chemical Industries Limited Board of Directors had approved an investment in one or more tranches in Offgrid Energy Labs, Delaware, USA, amounting to US $12 million. The company had signed a Binding Term Sheet with Offgrid Energy Labs for an investment of US $12 million in a Series A fundraise, securing a 21% stake.
Offgrid has developed a patented zinc- bromide battery technology (battery energy storage system) offering significant cost and performance advantages. It is particularly suited for applications requiring daily deep charge and discharge, such as renewable energy storage and low-power mobility solutions. The company was founded by Dr. Tejas Kusurkar, Dr. Brindan Tulachan, Rishi Kant Srivastava, and Ankur Agarwal. Notable investors include Shell Ventures (Part of Shell Global), Ankur Capital (early stage venture capital fund focused on Digital and Deep Science Tech), etc.
This investment aligns with ACIL’s broader strategy to enter the energy storage sector, particularly focusing on renewable energy and industrial storage applications. ACIL’s bromine business synergizes directly with ZincGel batteries, which use zinc- bromide chemistry. The investment will support Offgrid’s manufacturing scale-up and enable ACIL to participate in the rapidly growing energy storage market.
ZincGel Zinc Bromide batteries offer superior cycle life, safety, and cost-effectiveness compared to lithium-ion batteries, making them ideal for daily charge- discharge cycles in commercial and industrial (C&I) solar applications as well as utility-scale grid stability projects.
ACIL is supporting the establishment of a pilot manufacturing facility in the UK, with an intention to establish a giga-factory in India in near future to scale Zinc Bromide battery production. The global demand for stationary energy storage is expected to exceed $30 billion by 2030, driven by renewable energy integration and grid modernization. In India alone, 2024 saw the announcement of tenders for over 7GWh of battery energy storage systems (BESS), valued at approximately $1 billion.
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