Ellipsol Raises 2.5 Crore In Seed Funding Led By Capital A

Updated on: 5 September 2023 9:59 pm

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Ellipsol, a solar energy solutions start-up, has raised Rs 2.5 crore in a seed funding round led by Capital A. The funding round also saw the participation of the Grand Anicut Fund and other investors.

The investment raised would be utilised to take the prototype developed by the company to the production level. It would also be used for some of the pilot projects in the initial stages. The company will also focus on expanding capacities and is set to raise more funds during the expansion stage.

Speaking about the capital infusion, Samarth Jain, CEO and co-founder of Ellipsol, said, “At Ellipsol, we aim to bridge this gap and make renewable energy available at will. Our patented technology will help harness 100 per cent more energy from the solar panels installed in your premises.”

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India has solar energy potential with approx. 5,000 trillion kWh of annual energy incident on its total land area. This averages 4-7 kWh of solar power per square metre per day in most parts of the country. The installed solar capacity in India has increased by 24.4 times in the last 9 years, and the current output stood at 67.07 GW as of July 2023. As per the National Institute of Solar Energy, covering just 3 per cent of India’s wasteland area with solar PV modules would make it possible to generate 748 GW of power using prevalent technologies.

The start-up has come up with a patented technology that enables users to harness 100 per cent more energy from the installed solar panels by ensuring precise control over the amount of solar radiation falling on them.

Adding further, Ankit Kedia, founder and lead investor of Capital A, said, “The combination of hardware and technology is supremely critical to harness the power of the sun in a scientific manner. At Capital-A, we are committed to enabling start-ups to develop cleantech solutions utilizing renewable energy. Our purpose is to strengthen the climate tech ecosystem in India through these strategic deep tech investments.”