Hyderabad: The Indian Institute of Technology Hyderabad-incubated start-up Pure EV has raised venture capital funding of $35 million. The amount raised will be used for expansion of its manufacturing capacity and R&D initiatives.
Pure Ev manufactures environment-friendly electric vehicles and lithium batteries.
The start-up is working on the development of a high-speed and long-range scooter and motorcycle scheduled for commercial launch in October, 2019 and early 2020 respectively.
Dr Nishanth Dongari, associate professor, department of mechanical and aerospace engineering at IIT-Hyderabad, and founder of Pure EV, said, “We have state-of-the-art facilities for the assembly and testing of the lithium battery packs and are planning to increase our capacity to 5 MWH per month. Thermal management of HVDC batteries, Active Balancing BMS and predicting the life cycle of batteries through accurate algorithms are the key focus areas we are pursuing by collaborating with IIT-Hyderabad.”
The company recently launched four two-wheeler models — Egnite’ Etrance, Epluto and Etron.
It aims to produce over 10,000 electric vehicles in 2019-20. It has established an 18,000-sq ft state-of-the-art facility, co-located with IIT-Hyderabad, for cutting-edge Research and Development and for large scale production of electric vehicles and electric batteries.
