Solar Startup Ellipsol Raises Rs 2.5 cr Seed Funding

Ellipsol, a next-generation solar company developing path-breaking solar energy solutions, has raised rupees 2.5 crore in a seed funding round led by Capital A. The funding round also saw the participation of the Grand Anicut Fund. Other individuals also contributed to the funding round. Ellipsol’s site, that is yet to open formally, promises 2X the solar power at just 10% extra cost for now, with details to follow after formal launch.

The investment raised would be utilized to take the prototype developed by Ellipsol to the production level. It would also be used for some of the pilot projects in the initial stages. The company will also focus on expanding capacities and is set to raise more funds during the expansion stage.

India has solar energy potential with approx. 5,000 trillion kWh of annual energy incident on its total land area. This averages to 4-7 kWh of solar power per square metre per day in most parts of the country. This is where startups like Ellipsol are innovating and developing path-breaking solutions.

Speaking about this, former CERN (European Organisation for nuclear research)  research analyst and Ellipsol CEO and co-founder Samarth Jain, said, “Renewable energy sources are a way to achieve the greener, healthier world we deserve. Despite their prevalence, they are difficult to control. At Ellipsol, we aim to bridge this gap and make renewable energy available at will. Our patented technology will help harness 100% more energy from the solar panels installed in your premises.”

Ellipsol has come up with a patented technology that enables users to harness 100% more energy from the installed solar panels by ensuring precise control over the amount of solar radiation falling on them.

Adding further, Ankit Kedia, Founder and Lead Investor, Capital A, said, “We are thrilled to back Samarth and Kaustubh in their journeys to build in a much-needed space of solar energy. The combination hardware and technology is supremely critical to harness the power of the sun in a scientific manner. At Capital-A, we are committed to enabling startups developing cleantech solutions utilizing renewable energy. Our purpose is to strengthen the climatech ecosystem in India through these strategic deeptech investments.”

The installed solar capacity in India has increased by 24.4 times in the last 9 years, and the current output stood at 67.07 GW as of July 2023. As per the National Institute of Solar Energy, covering just 3% of India’s wasteland area with solar PV modules would make it possible to generate 748 GW power using prevalent technologies. For Ellipsol, this offers a huge opportunity for its produtivity/output  enhancing solution.