Maxvolt energy announces IPO plans

Press Release, 25 November 2024

Maxvolt Energy Industries Limited, formerly known as Maxvolt Energy Industries Pvt. Ltd., has announced its plan to raise approximately INR 60 crore (Indian Rupees 600 million) through an Initial Public Offering (IPO), following a successful period of remarkable growth and strategic transformation. The company achieved over 106% revenue growth, climbing from INR 12.16 crore in Q2 of FY 2023-24 to INR 24.99 crore in Q2 of the current fiscal year. This exponential growth underscores the organization’s ambitious roadmap and strengthens its position as a leader in the fast-growing lithium battery sector.

In alignment with its growth objectives, Maxvolt Energy has transitioned into a public limited company, a move approved by the company’s Board of Directors during its recent Annual General Meeting (AGM). The change has also received formal sanction from the Central Government, with the Registrar of Companies (ROC), Central Processing Centre (CPC) authorizing the reclassification under SRN AA9412732. This structural shift marks a major milestone for Maxvolt Energy as it gears up for a public listing, reinforcing its commitment to sustainable growth, investor transparency, and the pursuit of expanded business opportunities.

Established in 2019, Maxvolt Energy has emerged as a trailblazer in lithium battery technology, developing advanced solutions for Electric Vehicles (EVs), Energy Storage Systems, and Medical Device Batteries. With a strong commitment to innovation, the company continues to develop cutting-edge products, including the recent breakthrough in fast-charging lithium-ion batteries. The company’s relentless focus on technological advancement is pivotal to its growth and has earned it a competitive edge in the evolving energy storage, electric mobility, and recycling & repurposing of batteries.

The recent funding of INR 125 million from a consortium of angel investors has further bolstered Maxvolt’s research and development capabilities, accelerating its efforts to bring more high-performance energy solutions to market. This capital infusion supports the company’s continued drive to lead in the clean energy transition, empowering it to meet the surging demand for sustainable, high-quality lithium batteries in the Indian and global markets.

“Our conversion into a public limited company is a key part of Maxvolt’s growth strategy as we continue to innovate and expand our product offerings in the energy and EV sectors. This move will not only strengthen our position in the market but also allow us to pursue new opportunities, especially in the area of recycling-cum-repurposing for development and investment,” said Mr. Satendra Shukla, Chief Business Officer at Maxvolt Energy Industries Limited.

The company’s forthcoming IPO, projected at INR 60 crore, marks a crucial step forward in Maxvolt’s strategic journey, allowing it to attract new investors and fuel its growth trajectory in India’s burgeoning energy storage market. This move toward public listing is expected to enhance the company’s transparency, bolster its brand credibility, and enable greater capital access to support continued expansion and innovation.

About Maxvolt Energy Industries Ltd

Maxvolt Energy Industries Ltd, established in 2019, is one of the leading manufacturers and suppliers of lithium battery packs for Electric Vehicles (EVs), Energy Storage Systems, and Medical Device Batteries. With state-of-the-art manufacturing facilities and a dedicated team, Maxvolt ensures high reliability and efficiency in every lithium battery pack. The company’s vision is to develop world-class lithium architecture that transcends industry norms, empowering electric bikes, scooters, and solar energy.

Beyond products, Maxvolt strives to create value for all stakeholders, fostering mutually beneficial relationships based on trust and integrity. This purpose-driven organisation recognises the urgent need for eco-friendly energy solutions and is determined to reduce carbon footprints through sustainable practices and cutting-edge technology. Henceforth, by leveraging the team’s remarkable expertise and forging strategic alliances, Maxvolt is poised to revolutionize the energy landscape – One Lithium Battery Pack at a Time.