Advanced chemistry battery cell manufacturer Rincell Corporation has raised a $1.2 million seed round investment in an oversubscribed round led by U.S. based NextGen Battery Chem Ventures, managed by globally-renowned venture capitalist, Sandiip Bhammer.
Rincell was founded in 2023 by Jignesh Parikh and Dr. Jagjit Nanda. Jignesh Parikh, Rincell’s CEO, claims to have a distinguished track record in scaling businesses, high-volume manufacturing, and supply chain. He had been CEO at American Lithium Energy and has held executive leadership roles at Hitachi, Intel, and Western Digital.
On the funding, 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”.
Dr. Jagjit Nanda is Rincell’s Chief Scientific Officer has been associated with new battery technology research. Nanda said, “This partnership with NextGen Battery Chem Ventures will help bring our innovative silicon-graphite, LMFP and Sodium-ion battery chemistries to market faster.”
Commenting on the investment in Rincell, Sandiip Bhammer stated, “Our investment in Rincell reflects a commitment to pioneering technologies that are set to revolutionize global energy storage and supply.”
Rincell claims to have 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.
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.
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