igrenEnergi, a startup focused on harnessing solar energy, has raised $1million in funding from Sunil Mehta, an active New York area angel who has built and invested in $100 million business spanning the US, Europe, South America and Asia.
The company was founded in 2013 by Jiten Apte, Dr. Sunit Tyagi and Sujit Dey. Based on its patented ‘energy packetization’, the company is developing products to conserve and store solar energy which could be used by various industries.
Their first product, 8-panel solar optimizer is scheduled for commercial launch sometime in early 2016. The raised capital will be used to support progress towards the launch.
Commenting on the development, Apte, CEO of igrenEnergi said, “In addition to Sunil’s financial support, we have benefited greatly from his strategic advice which is always grounded in common sense and communicated with clarity and simplicity.”
The company operates from both San Diego and Mumbai, and plans to release their products first in India with the US/European markets to follow in quick succession.