The seed of Meine Electric's vision was sown during Priyansh Mohan's college days at CEG Anna University. What started with participation in the Electric Solar Vehicle Championship in 2021, evolved into a passion for retrofitting & building different types of EVs. This hands-on experience revealed the inherent limitations of EVs stemming from lithium-ion batteries, igniting Priyansh's drive to explore alternative battery technology solutions.
Joining forces with Stuti Kakkar, his longtime friend since school, the duo embarked on a journey to build a new-age, high-range, Electric motorcycle. Stuti, an economics graduate from LSR, Delhi University, spearheaded the business aspects of their endeavor, uncovering unique ways to bootstrap as college founders & looking for the right product & market fit. As they continued dissecting the challenges, a peculiar epiphany emerged– the crux of the problem wasn't just energy storage but energy generation itself, an industry still dependent on fossil fuels & inadequate to meet the clean energy demands of the future.
This realization became the catalyst for their exploration of metal-air fuel cells – a technology that promises a high energy density and environment-friendly alternative to Lithium-ion batteries.
Accelerating Innovation With Antler
Meine Electric's journey accelerated when Priyansh and Stuti joined Antler's Residency program earlier this year. Although initially focused on building an electric motorcycle powered by metal-air fuel cells, their concept underwent a metamorphosis through rigorous conversations and feedback from the Antler team.
"The Antler program provided us with a space to thoroughly evaluate our ideas and challenge our assumptions," recalls Priyansh. "Conversations with Nandini, Nitin, Rajiv, Sushmit, and Sankalp pushed us to rethink our approach and broaden our market perspective beyond just EVs."
This invaluable feedback, coupled with their deep dives into market research and customer insights, led Meine Electric to pivot from solely focusing on EVs to positioning their technology as a source of energy generation with multiple applications, including EVs, stationary energy generation, and decentralized grids.
"Antler didn't impose their decision on us," Stuti reflects, "but led us to take the right decision considering all parameters."
Investing in the Future of EV Battery Technology
Our conviction to invest in Meine Electric stems from their belief in the founders' exceptional capabilities and the immense potential of their technology to disrupt the energy landscape. Our thesis is built on the following pillars:
- There is an insatiable demand for advanced electricity generation and storage technologies with higher energy density, longer range, and faster charging capabilities. The global EV battery market is projected to grow to over $400 billion by 2033. Assuming a 20% market share of metal-air fuel cells in the next 10 years, it is a potential market of $80 billion over the next 10 years.
- The team's exceptional first principles of thinking, agility in translating complex research into tangible experiments, and rapid iteration capabilities. Within 10 months, with a small team and a budget of just $25,000, they developed six generations of their fuel cell, achieving an energy density of 400 kWh/kg – surpassing the performance metrics of lithium-ion and hydrogen fuel cells.
As Nitin, Partner at Antler in India, states, "Priyansh and Stuti embody the kind of founders we seek – an unwavering passion for solving critical challenges combined with exceptional execution capabilities. Their ability to pivot and adapt their vision while maintaining a laser focus on sustainability is truly commendable. We're confident that Meine Electric's innovative approach to energy generation will pave the way for a cleaner, more sustainable future."
Powering a Sustainable Tomorrow
Meine Electric's plans are ambitious yet deeply rooted in their commitment to sustainable energy solutions. In the next six months, the focus will be on setting up a state of the art lab space, de-risking the technology through rigorous testing and iteration, and conducting a pilot implementation.
Within the next year, they plan to expand their team of skilled engineers and researchers and increase the scope of their technology's applications. The longer-term vision is to commercialize their solution in at least one market within the next five years, leveraging strategic partnerships and collaborations to accelerate adoption.
However, the true potential of Meine Electric lies in their audacious 15-year vision – to leverage their technology to create a decentralized energy grid, revolutionizing the way we generate and distribute power. One of their proposed initial applications is introducing their technology as a power bank for EVs, providing a backup range of around 1000 kilometers without the need for long recharge times – a game-changer in the realm of sustainable mobility.
As the world grapples with the urgent need for sustainable energy solutions, Meine Electric stands at the forefront of innovation, driven by a passion to create a cleaner, more sustainable future. With Antler's backing and unwavering determination, this young startup is poised to make a lasting impact on how we power our world, one sustainable solution at a time.
Meine Electric is currently looking for talented engineers & researchers from the fields of electrochemistry, product design, and power electronics to join their team & embark on a journey to revolutionize the energy industry. If interested, please reach out at contact@meineelectric.com.
Globally, over 8,000 founders believe the Residency to be the best platform to launch a startup, whether it be stress-testing venture scalability, validating an idea faster, or completing the founding team. We are looking for solo founders and early teams committed to building game-changing venture scalable startups.
Join Antler to validate your idea, build your team, and access capital to launch and scale your company. Applications are open for early teams throughout the year for rolling intake and for the cohort starting August 2024 for individuals. The last date to apply is 31 July 2024.
