Renkube, a renewable energy-focused deep technology startup, announced it has secured $300,000 (around Rs 2.4 crores) in a seed funding round led by CIIE.CO, according to ET report. JITO Angel Network and K4 Forum Mumbai Network also participated in this round.
Halliburton Labs, a wholly owned subsidiary of Halliburton Company, is participating via Renkube’s selection to its clean energy accelerator, the report said.
Renkube is the world’s first company to offer a motion-free tracking solution embedded in the glass design for solar panels. It was founded by B L Bangolae, Lakshmi Santhanam, Deepika Gopal and J V Rao in 2017 to produce technology products in the renewable energy field.
The company plans to use the fresh funds to build industrial-scale manufacturing of solar panel, secure necessary certifications and demonstrate the technology with industrial customers in India, the US and Australia.
The company said in a statement it will start with the Solar Photovoltaic market and, in future, enable this technology for different use cases such as an Integrated Solar Roof, Agri PV, Solar Water Heater and Solar Balcony.
“CIIE.CO has actively been investing in the Cleantech space since its inception and we believe this space requires crucial catalytic capital to foster innovation and better products for faster, efficient adoption, said Vipul Patel, Partner, Seed Investing, CIIE.CO.
The company is also supported by government grants from IKP Knowledge Park, Hyderabad, as BIG partner (BIRAC) and Meity Tide 2.0 support from SINE, IIT Bombay.
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