Renewable energy-focused deep tech startup – Renkube – has announced that it has secured $300K (INR 2.4 crores) in a seed round led by CIIE.CO. 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. Renkube is the world’s first company to offer a motion-free tracking solution embedded in the glass design for solar panels.
Founded by Balaji Lakshmikanth Bangolae, Dr Lakshmi Santhanam, Deepika Gopal and Dr Janardhana Vittal Rao in 2017 to build a sustainable future by producing cutting-edge products in the renewable energy field, the company plans to use the fresh funds to build industrial-scale manufacturing of this solar panel, secure necessary certifications and demonstrate the technology with top industrial customers in India, the US and Australia.
The company 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.
Commenting on the announcement, Balaji Lakshmikanth, CEO and Co-founder, Renkube – “At Renkube we want to enable the world to unlock the enormous potential of solar energy and accelerate the transition to a net zero carbon economy by 2070. Solar is booming and let’s make it even better.”
“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.