Rincell Corporation, a manufacturer specializing in advanced chemistry battery cells, secured a seed round investment of USD 1.2 million in an oversubscribed funding round led by NextGen Battery Chem Ventures LLC, a U.S.-based entity managed by the globally recognized venture capitalist Sandiip Bhammer.
Founded in 2023 by Jignesh Parikh and Jagjit Nanda, with Jignesh serving as the CEO, Rincell boasts a notable track record in scaling businesses, high-volume manufacturing, and supply chain management. Jignesh, a former CEO at American Lithium Energy, has held executive leadership roles at Hitachi, Intel, and Western Digital.
Expressing enthusiasm about the collaboration with Sandiip Bhammer, a seasoned clean-tech investor and Founder of the early-stage India climate fund Green Frontier Capital, Jignesh emphasised the positive impact felt in their short period of collaboration.
With this investment, Rincell aims to expedite its mission of electrifying critical sectors through high-capacity performance batteries, ensuring a secure supply chain. Jagjit Nanda, Rincell’s Chief Scientific Officer, anticipates that the partnership with NextGen Battery Chem Ventures will hasten the market introduction of their innovative silicon-graphite, LMFP, and Sodium-ion battery chemistries.
Sandiip Bhammer highlighted their commitment to investing in pioneering technologies set to revolutionize global energy storage and supply.
Chris Turner, Chief Technology Officer at Inventus Power, expressed excitement about Rincell’s advancements in commercializing its silicon-graphite anode 18650 and 21700 cells, affirming continued collaboration to leverage Rincell’s innovative cell technology in designing next-generation advanced battery systems for medical, industrial/commercial, defense, and xEV applications.
The capital infusion from NextGen Battery Chem Ventures positions Rincell to prepare its 18650 and 21700 silicon-graphite batteries for commercial production in CY2024.
