Deep-tech power electronics start-up Dynolt Technologies is targeting to raise the count of its power converters deployed across the country to 35,000 by December from 14,000 currently.
“That will be on the existing product line itself. And once the R&D for the new generation technologies is completed, we will add to the product line going forward,” Rajesh Sura, Cofounder & CEO of Dynolt Technologies told Outlook Business.
The company specializes in manufacturing of power electronics for clean energy sectors such as e-mobility, energy storage, renewables, and hydrogen. The company's current product line includes software-defined power converters for on-board/off-board chargers for two and three wheeler EVs, as well as, swapping stations.
Dynolt recently secured $1.7 million (about Rs 14 crore) in the seed funding round led by Transition VC and saw participation from angel investor Yashowardhan Shah.
“This investment will fuel our expansion into critical sectors like battery energy storage systems (BESS), renewable energy, and hydrogen, while enabling us to strengthen our leadership in next-generation power conversion products,” Sura said.
He said the company will also utilize the capital for R&D aspects for the next generation of technologies which will scale up the business.
Shoeb Ali, cofounder & managing partner of Transition VC, said, “Power electronics are critical for achieving India's energy transition goals. Dynolt is building power electronics for mobility, solar, battery energy storage systems, and the hydrogen value chain. We envision Dynolt offering power conversion solutions for the complete energy transition domain.”
Once the R&D phase is done, it would seek raising more funds to commercialize the products. “On the existing product line, we would like to increase the volumes by two to three times this year compared to last year. And subsequently, when the next products are available for commercialization, they will also add to the volumes,” said Sura.
When asked about the clients it is in talks with for its solar and hydrogen foray, he said, “There's a UK based and a Singapore based company that we are talking to in the hydrogen space. We are actively engaged in some swapping stations in the solar space with Indian clients who are working in the last mile mobility sectors.”
Dynolt’s current clients include EMO Energy, Sandhar, Bounce, International Battery Company, Numeros Motors, Yulu, Yuma Energy, and River.
