Meine Electric, a deep-tech startup based in Chennai, has announced the successful raising of $750,000 (approximately ₹6.7 crore) in pre-seed capital. This funding marks a major milestone for the company as it seeks to scale its “iron-air” battery technology a long-duration energy storage (LDES) solution that could revolutionize how renewable energy is used.
The investment round was led by high-profile firms including Antler, Rebalance, and Venture Catalysts, with additional support from gradCapital and the AIC-AU Incubation Foundation (hosted by Anna University).
The Power of “Reversible Rusting”
Founded in 2023 by metal-air technologist Priyansh Mohan and economist Stuti Kakkar, Meine Electric uses a unique chemical process called “reversible rusting.”
- How it works: During discharge, iron reacts with oxygen to create rust, releasing electricity. When the battery is charged, the process reverses, turning the rust back into metallic iron.
- Cost Advantage: Because it uses abundant materials like iron, air, and water, the system operates at a cost of less than $0.05/kWh (₹4/kWh).
- Long Duration: Unlike standard lithium-ion batteries that last only a few hours, this system provides 16 to 24 hours of power, making “round-the-clock” renewable energy a reality.
Scaling from Lab to Grid
The startup currently operates from a 5,000 sq. ft. facility in Chennai. The new funds will be used to move beyond laboratory prototypes and build a multi-kilowatt grid-connected system. The company aims to deliver full-scale, containerized battery units by 2027.
Priyansh Mohan, Co-Founder and CEO of Meine Electric, highlighted the strategic goal:
“India will win the energy transition when clean power becomes dispatchable, not intermittent. Our focus for the last three years has been to make iron-air chemistry stable and repeatable. Now we are proving it for the grid and C&I power requirements, building the evidence that iron-air storage can become a backbone asset for the world’s renewable-first future.”
Industry Support and Recognition
Experts believe this technology is essential as the world shifts away from fossil fuels. Alexander Hogeveen Rutter, an industry veteran and investor, stated:
“Lithium-ion has shown its capability in peaking and integrating renewables over short duration. However, as renewable penetration rises above 50%, long duration energy storage is required to fully replicate the grid and system benefits of conventional generation. Having seen dozens of LDES technologies, Meine Electric is one of the strongest I have seen globally.”
The company has already gained significant recognition for its innovation, winning the National Startup Award 2026 and the Nasscom Emerge 50 Award.
Gowri Shankar Nagarajan, Associate Partner at Antler, commented on the team’s research:
“What impressed us about Meine Electric is the depth of their electrochemical research paired with system-level execution a team that has spent years turning a hard science problem into a repeatable, grid-ready solution.”
Adding to the sentiment, Aishwarya Malhi and Vikas Kumar, Co-founders at Rebalance, noted:
“When we think about energy, generation usually takes centre stage but true energy security demands storage. We’re all well aware how rapidly the world order is shifting and energy will become the single most powerful asset for any economy in the future. Thrilled to be part of Meine’s journey as they become critical enablers of renewable-heavy power grids.”
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