6 days ago
Clean energy startup Hylenr raises $3 million
Hylenr has raised around $3 million in a pre-series A funding round that is expected to aid the clean energy startup accelerate product commercialisation.
The fresh capital enables it to fast-track from pilot to market launch. It signals growing investor confidence in Low Energy Nuclear Reactions (LENR) as a viable alternative to fossil fuels, Hylenr said on Wednesday.
The round was led by Valour Capital and Chhattisgarh Investments, early-stage investors focused on deep-tech/energy transition technologies. Individual investors Karthik Sundar Iyer and Anant Sarda also participated.
Hylenr is focused on harnessing LENR to develop scalable, carbon-free heat energy systems for industrial heat and power. 'LENR has the potential to be the safest and most energy-efficient thermal and electrical generation technology of the future,' CMD Siddhartha Durairajan said.
'We have begun early proof-of-concept tests, with several government bodies and large corporations showing interest in our LENR systems. The next phase will focus on scaling manufacturing and expanding globally,' he said in a release.
Co-founder, executive director and CEO Ram Ramaseshan said the funding allows the firm to accelerate product development and market reach, addressing industry needs for clean, high-yield thermal and electrical energy solutions in the U.S., Europe, India and Japan markets.
'The startup's LENR technology is disruptive... what excites us most is the scalability and safety profile of their systems, coupled with the perfect mix of technological and entrepreneurial expertise within the team,' said Karan Goshar, Partner at Valour Capital.
The Hyderabad-based startup said its product pipeline range from 7.2KW for domestic consumption to 1MW for large-scale industrial applications. It is targetting $25 million in the next fundraising round.
