Sthyr Energy raises seed funding of $1 million

Sthyr Energy, the energy storage startup incubated at the Indian Institute of Technology – Madras (IIT-M) has closed seed funding of $1 million. The round was led by Speciale Invest, with participation from Antares Ventures.

Founded by researchers from IIT-Madras, Sthyr Energy is developing a mechanically rechargeable Zinc-Air battery system specifically designed for applications such as seasonal energy storage and fossil-free peaker plant replacement.

According to details shared by the startup, the technology is built on five years of foundational research conducted at IIT-Madras, where co-founders Gunjan, Akhil and Hamdan set out to fundamentally rethink battery architecture. Their innovation is designed to overcome the limitations of conventional energy storage by focusing on three core principles: safety, scalability, and cost-efficiency.

The system uses non-flammable, water-based electrolytes to ensure a high level of safety, while its architecture decouples energy and power components, enabling flexible, modular deployments at various scales. The solution is projected to deliver a competitive Levelized Cost of Energy (LCOE) for long-duration storage, making it a viable alternative to lithium-ion technologies.

With the seed funding, Sthyr Energy plans to expand its research and development (R&D) efforts, build pilot systems and engage with grid-scale energy and industrial partners to demonstrate the commercial viability of its technology.

Gunjan, Co-founder and CEO of Sthyr Energy, said: “Our batteries are designed to provide energy security in a net-zero world, storing solar energy in the summer for use in the winter and delivering reliable power backup for over 100 hours.”

Vishesh Rajaram, Managing Partner at Speciale Invest said: “Sthyr’s technology addresses a fundamental bottleneck in clean energy adoption, and their founding team brings the rare combination of technical excellence and mission-driven execution.”

“Sthyr’s products are fundamentally not reliant on rare earth metals, but domestically available metals. Sthyr could be India’s gift to the world for energy storage – a sector that is currently dependent on a single nation, with complex geopolitical priorities, for rare earth elements,” said Vishnu Rajeev, who is an Investment Principal and the deal lead for Sthyr at Speciale.