National 23rd January 2025: With the global energy storage market projected to exceed $500 billion by 2030, Cancrie, a cutting-edge startup focused on advanced nanocarbon materials for energy storage, has successfully raised $1.2 M maiden institutional seed round.
The fund will be used to scale production, accelerate research and development, and forge strategic partnerships to integrate its advanced nanocarbon materials into next-generation energy storage devices. The funding will help the company meet the growing demand for its products, with the ability to produce at least 50,000 batteries per month, while also supporting the continued evolution of its cutting-edge technology.
Dr. Akshay Jain, Co-Founder and CEO, and Mahi Singh, Co-Founder of Cancrie said in a joint statement, “Our nanocarbon materials mark a major advancement in green energy storage by delivering higher-quality batteries. Our top priority is scaling up production to meet the growing demand from our customers, and this funding has been the key enabler in achieving that goal.
Ravinder Vashist, Partner, Roots Ventures expressed confidence in Cancrie’s potential,We have developed a sustainable solution for energy storage using agricultural waste which is quite innovative and more efficient than current solutions in the market. Cancrie is getting interesting early market traction for its product. Roots Ventures is quite impressed with the perseverance exhibited by the founders.”
Cancrie’s innovation positions the company as a leader in the rapidly transforming energy storage industry. By optimizing material specifications, it enhances electrochemical reactions, reduces internal resistance, and increases the utilization of active material by up to 14%. This not only reduces the need for mining but also helps mitigate e-waste. Without adding extra costs to the battery, Cancrie’s materials produce electrodes that are four times stronger, improve energy density by up to 20%, enhance charge acceptance by up to 60%, and extend the lifecycle of lead-acid batteries by more than 30%. Furthermore, each battery that incorporates Cancrie’s carbon contributes to a carbon reduction of approximately 0.25 kgCO2e. For lithium-ion hybrid and lithium iron phosphate batteries, the technology increases energy density by up to 50% and 15%, respectively.
“We have seen the founders’ journey from day zero, and their attempt to optimize energy storage through an innovative nanocarbon technology is crucial in the advancement of the battery tech value chain. The team’s strong technical expertise, early market validation, and chemistry-agnostic material approach brings significant market potential,” said Vipul Patel, Partner Seed Investing, IIMA Ventures.
Cancrie specializes in developing advanced carbon materials for energy storage devices, focusing on sustainability and performance. Their patented technology produces high-quality carbons designed to enhance battery performance across various chemistries, including lead-acid, lithium-ion, sodium-ion, redox flow batteries, and supercapacitors. Cancrie aims to create superior energy storage solutions using renewable resources while maintaining affordability and achieving net-zero emissions. Their innovative materials offer high surface area, porosity, conductivity, and functional versatility, making them a preferred choice for building efficient and sustainable storage devices.