Next-generation solar company poised to revolutionize solar energy solutions with patented technology
In a significant development, Ellipsol, a solar technology company, has successfully raised 2.5 crore rupees in a seed funding round. This funding effort was spearheaded by Capital A, with additional support from the Grand Anicut Fund and several individual contributors.
The primary goal of this infusion of capital is to propel Ellipsol’s groundbreaking solar energy solutions from prototype to production. Furthermore, the company plans to allocate these funds to initiate pilot projects in the early stages of development and to expand its operational capacities. Ellipsol is poised for further fundraising as it enters the expansion phase.
Unlocking India’s Solar Energy Potential
India boasts an immense solar energy potential, with an annual energy incident of approximately 5,000 trillion kWh across its landmass. This translates to an average of 4-7 kWh of solar power per square meter per day in most regions of the country. The pressing need is to harness this vast potential effectively, a challenge embraced by innovative startups like Ellipsol.
Samarth Jain, CEO, and co-founder of Ellipsol, emphasized the importance of renewable energy and stated, “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.”
A Game-Changing Patented Technology
Ellipsol has introduced a patented technology that promises to revolutionize solar power generation. This technology enables users to harness 100% more energy from installed solar panels by providing precise control over the amount of solar radiation received. This innovation has the potential to significantly increase the capacity of solar power plants and reshape the future of energy generation.
Ankit Kedia, Founder, and Lead Investor at Capital A, expressed his enthusiasm for supporting Ellipsol’s mission in the solar energy space, stating, “The combination of hardware and technology is supremely critical to harness the power of the sun in a scientific manner.”
Expanding the Climatech Ecosystem in India
Ajay Anand, Partner at Anicut Capital, emphasized their commitment to supporting innovations addressing larger problems and their focus on IP-driven hardware in clean tech. He expressed confidence in Ellipsol’s innovative, cost-effective, and IP-led approach to meeting these requirements.
Paving the Way for a Solar Revolution in India
The installed solar capacity in India has witnessed remarkable growth, increasing 24.4 times in the last nine years, with a current output of 67.07 GW as of July 2023. According to the National Institute of Solar Energy, covering just 3% of India’s wasteland area with solar PV modules could generate a staggering 748 GW of power using existing technologies.
Ellipsol’s game-changing technology is poised to double the output of PV power, enabling rapid scalability and distributed power generation. These technologies can be installed in various locations across India with short lead times, promising a brighter, more sustainable energy future for the nation.