Singapore-based venture fund Vintage Energy & Resources has invested $8 million (Rs 52 crore) in Bengaluru-based Greenvision Technologies, a company engaged in research, design and manufacture of lead-acid batteries under the brand name “Relicell”. The lead acid batteries manufactured by the company has diverse applications as UPS Standby Power, Emergency Lighting, Solar & Wind Energy Storage, Telecommunications Power Supply, Electric Vehicles, Railway Signaling Systems, etc.
The company has 11 primary warehousing locations across India, 64 distribution warehouses & service centers and over 3000 dealer outlets to distribute and support the batteries throughout the country. Founded in 2008, by first-generation entrepreneurs Biju Bruno (48) and Atul Mehta (52), the eight-year-old company was originally into IT, and entered into battery manufacturing only about three years ago. The firm earned about Rs 100 crore in revenues in 2015-16, and is targeting a 10-fold increase in revenues in two years.
In a short span of time Greenvision’s research team has developed many innovative products and filed for several patents. Relicell batteries are tested and certified by leading test laboratories like CPRI (Central Power Research Institute) and ETDC (Electronic Test & Development Centre). Greenvision Technologies has obtained ISO 9001 and ISO 14001 certifications and Relicell batteries are used across multiple customer segments like Banking, Insurance Companies, Education, Software Companies, Large Corporates, Government, Defense, etc.
Biju Bruno says:
“Our battery business is a new one, and we got there because we discovered that the market potential is huge for batteries, especially in emerging sectors like solar and electric vehicles….We have been exporting for two years to middle-east and Africa..We have worked on the lead acid battery technology and have filed five patent applications for our innovations,”
In line with it’s vision of being a leading player in the Energy Storage segment, Greenvision has forayed into fast growing markets in Asia, Middle East and Africa to offer the complete range of Relicell batteries to potential customers.