Mumbai, January 28, 2016: Bangalore based Jupiter Capital has announced an investment of US$ 2 million in Altigreen Propulsion Labs Pvt Ltd, a niche start-up providing technology enabled solutions for electric and hybrid powertrains. Jupiter Capital has been looking at investment opportunities in disruptive technology ventures focused on the opportunity space of Make in India, Designed in India, and Smart City.
Jupiter Capital’s director Mr. Sudhakar Gande says, “Altigreen has developed hybrid technology solution enabling every vehicle to become a hybrid. The patented technology of the company can be easily replicated in other developing nations to address growing concerns on greenhouse gas emission,” he says. The solution developed by the company is innovative and disruptive at a price point, enabling accelerated adoption.
Altigreen is engaged in research, design and development of proprietary hybrid vehicle technology for the Indian market. Kits developed by Altigreen address two burning concerns of all global citizens today: improve fuel-efficiency (~30%) and reduce harmful tailpipe emissions (~25%), not just for new vehicles but also for the large population of existing cars and trucks.
Dr Amitabh Saran, CEO of Altigreen said: “Altigreen has designed a solution that is fuel & OEM agnostic, totally transparent to the driving experience, and completely reversible. Championing the cause of Make in India, Altigreen wants to democratize the use of much needed clean hybrid technologies and offer affordable solutions to the developing world. We are very excited to have Jupiter Capital support us in this mission.”
Altigreen, headquartered in Bangalore, is co-founded by serial entrepreneur Dr Amitabh Saran, vehicle control engineering guru Dr Lasse Moklegaard, finance and manufacturing veteran Shalendra Gupta, and electromagnetics expert Dr John Bangura with decades of experience in building rotating machines for auto and aviation sectors. The four started working on a solution back in 2012, developed a proof-of-concept vehicle in the US, filed for IP protection in 40 countries, and transitioned to building a precision manufacturing ecosystem in India. It is supported ably by a strong engineering team and an advisory panel of cross-domain industry experts.
About Jupiter Capital Pvt Ltd
Jupiter Capital, founded by Mr. Rajeev Chandrasekhar in 2005, is a leading Investment and Financial services firm headquartered in Bangalore. Jupiter Capital has extensive experience with Global public and private investments through Acquisitions, Leveraged Buyouts, Direct Investments, and Joint Ventures. The firm and its team has extensive experience and exposure to Technology, Aerospace, Media, Music, Entertainment, Hospitality and Infrastructure to name some.
About Hybrid kits licensing and regulations
National Electric Mobility Mission 2020 (August 2012) stated the vision of developing and adoption of xEV technology. On 25th March 2015, GoI notified in its gazette its scheme for Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India. The FAME scheme has announced subsidies for vehicles fitted with xEV technology.
Vehicles retrofitted with Hybrid Kits have to pass the ARAI CMVR Type Approval of Vehicles Retrofitted with Hybrid Electric System (AIS-123).