India’s Offgrid raises $15M to make lithium optional for battery storage

India's Offgrid Energy Labs has raised $15 million to develop its proprietary zinc battery technology as a safer and more cost-effective alternative to lithium-ion batteries for energy storage. The company's technology aims to make lithium optional, addressing the growing demand for reliable and sustainable energy storage solutions. Offgrid's zinc batteries are designed to be a drop-in replacement for lithium-ion batteries, offering improved safety, longer lifespan, and reduced environmental impact. The company claims its batteries are less prone to thermal runaway and can be recycled more easily than lithium-ion counterparts. The funding round was led by Lightspeed Venture Partners and Elemental Ventures, with participation from other investors. Offgrid plans to use the funds to scale up its manufacturing capabilities and expand its product offerings to cater to the growing energy storage market, particularly in the off-grid and rural electrification sectors in India and other developing regions.