Chennai-based energy storage startup Meine Electric has raised $750,000 (about ₹6.7 crore) in a pre-seed funding round led by venture capital firms Antler, Rebalance, and Venture Catalysts, according to company sources. The funding round also saw participation from gradCapital, AIC-AU Incubation Foundation (hosted by Anna University), and several angel investors.
Founded in 2023 by Priyansh Mohan and Stuti Kakkar, Meine Electric is developing iron-air long-duration energy storage (LDES) technology aimed at supporting large-scale renewable power integration. The startup’s proprietary battery chemistry is designed to deliver 16–24 hours of energy storage at a targeted levelised cost of less than $0.05 per kWh, using abundant materials such as iron, air, and water.
The newly secured capital will be used to move the company’s technology from laboratory-scale prototypes to pilot-ready systems, including the development of multi-kilowatt, grid-connected prototypes and larger pilot units. Meine Electric also plans to enhance its research and engineering capabilities and expand engagements with independent power producers and commercial and industrial customers for early deployments.
The startup currently holds four granted patents and has filed seven international patent applications for its iron-air battery innovation. Its approach uses a reversible oxidation process in which iron reacts with oxygen to store and release electricity, positioning the technology as a long-duration storage solution that can complement intermittent renewable sources like solar and wind.
The funding round underscores growing investor interest in solutions that support round-the-clock renewable energy supply, a critical need as power systems worldwide work toward higher renewable penetration and grid reliability.
