New Delhi: Rincell Corporation, an advanced chemistry battery cell manufacturer, has raised USD 1.2 million seed round investment in an oversubscribed round led by the US-based NextGen Battery Chem Ventures LLC, managed by globally-renowned venture capitalist, Sandiip Bhammer.
Rincell Corporation was founded in 2023 by Jignesh Parikh and Jagjit Nanda. Jignesh, Rincell’s CEO, has a distinguished track record in scaling businesses, high-volume manufacturing, and supply chain. Jignesh is a former CEO at American Lithium Energy and has held executive leadership roles at Hitachi, Intel, and Western Digital.
Jignesh said, “We’re thrilled to be partnering with Sandiip Bhammer – a veteran clean-tech investor and Founder of early-stage India climate fund Green Frontier Capital. Not only does Sandiip have a stellar reputation for supporting founders, but we’ve immediately felt the positive impact in just the short period of time we’ve started working together. With this investment, Rincell is poised to accelerate our mission of electrifying critical sectors with high capacity-performance batteries using a secure supply chain”.
Jagjit Nanda, Rincell’s Chief Scientific Officer, said, “This partnership with NextGen Battery Chem Ventures will help bring our innovative silicon-graphite, LMFP and Sodium-ion battery chemistries to market faster.”
About the investment in Rincell, Sandiip Bhammer said, “Our investment in Rincell reflects a commitment to pioneering technologies that are set to revolutionize global energy storage and supply.”
Rincell has made rapid progress and in just one year since its founding, has already been shipping samples of its highest capacity-performance 18650 and 21700 Silicon-Graphite batteries to government and commercial customers, including Inventus Power, the largest independent battery pack manufacturer in North America. Chris Turner, Chief Technology Officer at Inventus Power, said, “We are excited about the progress Rincell has made to commercialize its silicon-graphite anode 18650 and 21700 cells and will continue to work closely with Rincell to leverage its innovative cell technology when designing next generation advanced battery systems for medical, industrial/commercial, defense, and xEV applications”.
The infusion of capital from NextGen Battery Chem Ventures will allow Rincell to get its 18650 and 21700 silicon-graphite batteries ready for commercial production in CY2024.