According to Wedoany.com News, Indian energy storage startup Meine Electric recently announced the completion of a $750,000 (approximately 6.7 million Indian Rupees) pre-seed funding round. The funds will accelerate the transition of its iron-air battery technology from lab prototype to pilot systems. This technology aims to achieve an extremely low levelized cost of storage (LCOS).

This funding round was supported by investors including Antler, Rebalance, Venture Catalysts, gradCapital, and the AIC-AU incubator fund under Anna University. Founded in 2023 by co-founders Priyansh Mohan and Stuti Kakkar, the company focuses on developing long-duration energy storage systems based on abundant materials like iron, air, and water. Meine Electric claims its proprietary chemical formulation can control the levelized cost of storage below $0.05/kWh (approximately 4 Indian Rupees/kWh), provide 16 to 24 hours of storage duration, and offer faster charge/discharge cycles compared to similar technologies to better integrate with high-penetration solar power systems. The company states it is the only enterprise in the Asia-Pacific region with a mature iron-air technology stack, having secured 4 patents and filed 7 international applications. The raised funds will be used to scale up the technology, build a multi-kilowatt grid-connected prototype system at its existing facility in Chennai, strengthen the team and research foundation, and deepen pilot collaborations with independent power producers and commercial/industrial customers. The goal is to deliver containerized iron-air battery systems by 2027.