Ellipsol, an innovative solar energy company committed to advancing solar solutions, announced today that it has successfully raised 2.5 crore rupees in a seed funding round led by Capital-A. The investment round was spearheaded by Capital A, with participation from the Grand Anicut Fund, as well as contributions from other individual investors.
Pioneering Solar Energy Transformation
Ellipsol is on a mission to transform the solar energy generation sector through cutting-edge technologies. With this fresh injection of capital, the company is poised to take its groundbreaking prototype to production, initiating pilot projects, expanding its capacity, and preparing for further fundraising during the expansion phase.
India's Vast Solar Potential
India boasts an immense solar energy potential, with an annual energy incidence of approximately 5,000 trillion kWh across its total land area. This equates to an average of 4-7 kWh of solar power per square meter per day in most regions. The imperative is to develop technologies that can efficiently harness this vast energy source, and startups like Ellipsol are at the forefront of innovation in this regard.
Samarth Jain, CEO and co-founder of Ellipsol, stated, "Renewable energy sources are crucial for achieving a greener, healthier world. However, their variability can be a challenge. At Ellipsol, our goal is to bridge this gap and make renewable energy consistently available. Our patented technology will enable users to harness 100% more energy from their solar panels, revolutionizing power generation."
Game-Changing Patented Technology
Ellipsol's patented technology provides precise control over the amount of solar radiation received by solar panels, resulting in a 100% increase in energy output. This innovation has the potential to be a game-changer in the power generation sector, significantly boosting the capacity of solar power plants.
Ankit Kedia, Founder and Lead Investor at Capital A, expressed enthusiasm for supporting Ellipsol, stating, "We are thrilled to back Samarth and Kaustubh in their journey to revolutionize solar energy. The combination of hardware and technology is crucial to harnessing the power of the sun scientifically. At Capital-A, we are dedicated to supporting startups developing cleantech solutions using renewable energy."
Ajay Anand, Partner at Anicut Capital, emphasized their confidence in Ellipsol's innovative approach, saying, "Our investment strategy focuses on IP-driven hardware in clean tech. We believe that Ellipsol's innovative, cost-effective, and IP-led strategy will address significant challenges and contribute to a cleaner, greener future."
Unlocking India's Solar Potential
As of July 2023, India's installed solar capacity has increased 24.4 times in the past nine years, reaching 67.07 GW. According to the National Institute of Solar Energy, covering just 3% of India's wasteland area with solar PV modules could generate 748 GW of power using existing technologies. Ellipsol's breakthrough solution has the potential to double PV power output, enabling rapid scalability and distributed power generation across India.