JANUARY 20, 2022
Chennai: IIT-Madras incubated startup Aerostrovilos Energy has raised around Rs 3.5 crore in a seed round of funding from Tube Investments of India, a Murugappa Group Company. Tube Investments will get a 25% stake in Aerostrovilos for its initial investment.
Working on developing micro gas turbines (MGT) with the National Centre for Combustion Research (NCCR) at IIT Madras, Aerostrovilos Energy is building an MGT-based powertrain solution for heavy-duty trucks and power generation at reduced costs.
The startup will be utilizing the funds for the completion of its solution, prototype manufacturing, and a trial run of MGT-based heavy vehicles.
Tube Investments said in an exchange filing that the proposed investment is in line with the company’s intent to invest in startups engaged in innovative research and product development in fields/activities of interest.
“Gas turbines have the cleanest emission levels void of any soot or particulate matter. At Aerostrovilos Energy, we are committed to solving this issue through minimal emission turbines,” Rohit Grover, CEO of Aerostrovilos Energy, said.
Aerostrovilos’ clean technology solution with lower levels of emissions has large-scale application, and the funding will support product development and launch, Nandini Mansinghka, co-founder and CEO, Mumbai Angels, an existing investor in the startup said.
Courtesy/Source: TOI
