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Rincell Corporation Raises $1.2 Million Seed Round Led By NextGen Battery Chem Ventures LLC

Rincell Corporation accelerates the electrification of high-impact carbon emission products, fostering a sustainable future with a secure supply chain

Rincell Corporation Raises $1.2 Million Seed Round Led By NextGen Battery Chem Ventures LLC
POSTED ON January 09, 2024 12:12 PM

Chemistry battery cell manufacturer, Rincell Corporation has raised a $1.2 million seed round investment in an oversubscribed round led by U.S.-based NextGen Battery Chem Ventures LLC, managed by globally-renowned venture capitalist, Sandiip Bhammer. 

The start-up was founded in 2023 by Jignesh Parikh and Dr. Jagjit Nanda. Jignesh, Rincell’s CEO, has a distinguished track record in scaling businesses, high-volume manufacturing, and supply chains.  

Jignesh expressed his excitement about the milestone, “We’re thrilled to be partnering with Sandiip Bhammer – a veteran clean-tech investor and Founder of early-stage India climate fund Green Frontier Capital. Not only does Sandiip have a stellar reputation for supporting founders, but we’ve immediately felt the positive impact in just the short period of time we’ve started working together. With this investment, Rincell is poised to accelerate our mission of electrifying critical sectors with high capacity-performance batteries using a secure supply chain.” 

Dr. Jagjit Nanda, a distinguished scientist and executive director at the SLAC-Stanford Battery Center and former scientist at Oak Ridge National Lab who is chief scientific officer, added that the partnership with NextGen Battery Chem Ventures will help bring our innovative silicon-graphite, LMFP, and Sodium-ion battery chemistries to market faster. 

Commenting on the investment in Rincell, Sandiip Bhammer stated, "Our investment in Rincell reflects a commitment to pioneering technologies that are set to revolutionise global energy storage and supply." 

Rincell has made rapid progress and in just one year since its founding, has already been shipping samples of its highest capacity-performance 18650 and 21700 Silicon-Graphite batteries to government and commercial customers, including Inventus Power, the largest independent battery pack manufacturer in North America, the company added in a its statement.  

Chris Turner, chief technology officer at Inventus Power added, “We are excited about the progress Rincell has made to commercialize its silicon-graphite anode 18650 and 21700 cells and will continue to work closely with Rincell to leverage its innovative cell technology when designing next-generation advanced battery systems for medical, industrial/commercial, defense, and xEV applications”. 

The infusion of capital from NextGen Battery Chem Ventures will allow Rincell to get its 18650 and 21700 silicon-graphite batteries ready for commercial production in CY2024, the statement added.  

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