Over the past few years, India has made remarkable steps in embracing electric vehicles (EVs). Nevertheless, a major obstacle persists in the form of insufficient charging infrastructure. This challenge is not confined to India alone; worldwide, the lack or absence of a strong EV charging network and the lengthy charging times are major obstacles that hold back consumers from switching from internal combustion engine (ICE) vehicles to electric vehicles (EVs) . Deloitte’s recent global survey highlights that charging time, range anxiety, cost, and battery safety are the primary concerns for consumers regarding battery electric vehicles.
In India, a survey of 864 people revealed that 43 per cent are concerned about the time it takes to charge EVs, and 42 per cent are worried about the scarcity of public EV charging stations. Despite these issues, significant advancements are underway. Exponent Energy has pioneered 15-minute fast charging technology for commercial EVs at its dedicated stations. Likewise, Bengaluru-based EMO Energy has created EV battery packs that can be fully charged in under 30 minutes.
Clean Electric was established in 2020 by three former students from IITBHU: Akash Gupta, Abhinav Roy, and Ankit Joshi. The company’s primary aim was to tackle the significant issues related to electric vehicle (EV) batteries, specifically focusing on safety, cost, and convenience. According to cofounder and CEO Gupta, the team believed that for electric vehicles to gain widespread acceptance and for their venture to succeed, they needed to make EVs more cost-effective and convenient.
One major drawback of current EVs is the lengthy charging time. While it takes only about five minutes to refuel a traditional combustion engine vehicle, charging an EV can take anywhere from 60 to 100 minutes. Clean Electric set out to drastically reduce this time, with a goal of achieving a charging time of just 10-15 minutes. This ambition was the foundation upon which Clean Electric was built in 2020.
The cofounders then began working on a new architecture called direct contact liquid cooling, which is a type of immersion liquid cooling technology. Gupta mentioned that no one has been able to scale this technology globally yet. One of the biggest challenges in developing EVs is managing the batteries effectively. It is essential to keep batteries cool enough to maintain optimal performance throughout the vehicle’s lifespan because overheating can cause the batteries to degrade quickly. Additionally, fire-related incidents in EVs are common, often due to poor cell quality or faulty battery management systems (BMS), given the inherently sensitive nature of lithium-ion batteries.
Worldwide, different cooling systems like liquid cooling, air cooling, and phase change material cooling are employed to maintain optimal temperatures for EV batteries. Immersion cooling, where battery cells are submerged in a dielectric fluid, faces several challenges that hinder its scalability. To enable rapid charging (in the range of 10 to 15 minutes), an advanced cooling architecture is essential. Clean Electric has successfully developed such a system, integrated with its proprietary intelligent battery management technology. Gupta mentioned that the startup has secured four patents in both India and the US for its innovations.
In 2022, Clean Electric secured approximately $2.2 million in funding from investors including Kalaari Capital, IIM Ahmedabad, Climate Angels, and LetsVenture. The company competes with Exponent Energy but focuses on batteries that work with universal charging points, unlike Exponent’s 15-minute charge batteries. Clean Electric aims to set a global standard for EV charging, similar to the universal chargers for smartphones. They’ve already developed batteries for two, three, and four-wheel vehicles, with warranties ranging from 1,000 to 2,000 cycles, depending on the cooling systems used for different types of electric vehicles.
Clean Electric batteries are currently powering EVs from Bounce Infinity in 38 cities. The company is also talking with other EV manufacturers and running tests with global carmakers. Since starting sales last year, Clean Electric is still growing. Their batteries are a bit pricier than others right now, but the cofounder expects this will improve with increased production. The startup currently makes about INR 1 crore a month and aims to boost this to INR 10 crore by mid-next year. They are also seeking more investment and are in talks with both existing and new investors, though the exact amount needed has not been revealed.
With the market expected to grow to approximately $114 billion by 2029, Clean Electric is poised to seize a significant opportunity if it successfully scales its technology. Supported by prominent investors and focused on delivering fast-charging solutions across all vehicle categories, it will be intriguing to track the startup’s growth and development from here.
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