The Venture Codex

Participated · Seed · Jan 2026

Sthyr Energy is a deep-tech startup founded by IIT Madras researchers Gunjan Kapadia, Akhil Kongara, and Muhammed Hamdan that is commercializing next-generation zinc-air battery technology. Its architecture employs non-flammable, water-based electrolytes and separates energy and power components, allowing safe, flexible, and modular installations. The systems are intended for grid operators, renewable energy farms, microgrids in rural or remote areas, and defense or island communities currently dependent on diesel. By offering a levelized cost of energy (LCOE) that it claims is competitive for long-duration storage, Sthyr positions its solution as an alternative to lithium-ion batteries. The company plans to channel fresh capital into scaling R&D, building prototypes, and conducting pilot deployments. As India accelerates renewable energy adoption, Sthyr aims to capture demand for efficient, scalable storage solutions. No revenue, user, or deployment metrics were disclosed in the article.

Participated · Seed · Sep 2025

Founded in 2021 in Leipzig, enaDyne combines expertise in plasma physics, catalysis, engineering, and materials science to create containerised non-thermal plasma reactors for on-site chemical synthesis. The technology integrates proprietary electrodes with plasma-active catalysts to transform CO₂ and other process gases into products such as syngas, methanol, and ethylene, while also tackling persistent pollutants like CF₄ and PFAS. Current lab results show CO₂ conversion rates above 70 % with competitive selectivities, and the equipment can be switched on and off like a light switch, enabling deployment wherever renewable electricity is available. The company’s modular architecture supports rapid scaling across industrial sites, aiming to decarbonise conventional chemical production and valorise waste CO₂. With its €7 million seed financing, enaDyne plans to build and deploy a 20-foot modular pilot plant at an industrial customer by mid-2026 and develop its first commercial plasma-based PFAS abatement product. Longer term, management targets the rollout of tens of thousands of containerised units by 2050, positioning the firm as a global platform for non-thermal plasma chemical synthesis.

Participated · Equity · May 2025

VFlowTech develops vanadium redox flow battery (VRFB) systems and hybrid batteries for long-duration energy storage and offers an AI-driven cloud energy management platform to manage, monitor and optimise distributed renewable assets. The platform also provides energy trading and ancillary services for the grid. Established in 2018 and based in New Delhi, the company has deployed its long-duration storage systems across more than 10 countries. VFlowTech raised $20.5M to support strategic expansion into India’s clean energy sector and to scale hiring across engineering, research and operations. The company plans to advance vanadium recycling and create innovations around electrolyte manufacturing in India to build local supply chain efficiencies. VFlowTech manufactures vanadium redox flow batteries branded as PowerCubes, featuring a power stack design that enables a more compact form factor, higher-than-industry round-trip efficiency, reduced parasitic losses and operation above 55°C. Different PowerCubes can be deployed from residential settings to solar and wind farms; the company has commercially deployed 30 kWh and 100 kWh units for residential applications and completed production of its MWh system for large-scale microgrid applications. Led by CEO Dr Avishek Kumar, VFlowTech employs a team of 60 people. The company raised US$10M in a Series A to support scaling and manufacturing. It intends to use the funds to set up a 200 MWh production line capacity and scale manufacturing of its 250 kWh modular vanadium-based long-duration energy storage solutions. VFlowTech also plans to expand its market presence to Türkiye, the US, Japan and India with new partners and to strengthen the management team over the next year. VFlowTech is a Singapore-based energy storage solutions provider that designs and manufactures long-duration modular batteries. Led by co-founder and CEO Dr. Avishek Kumar, the company has developed three modular systems—5 kW/30 kWh, 10 kW/100 kWh and 100 kW/500 kWh—that can be scaled to multi‑MWh deployments. A 10 kW/100 kWh system can provide up to two days of energy autonomy for small households and remote communities, the company says. In the past year VFlowTech has been delivering solutions to independent power producers, EPCs and other users worldwide and has a pipeline of large-scale infrastructure projects in markets including Australia and Africa. VFlowTech raised US$3M in a Pre‑Series A round and intends to use the funds to expand manufacturing and distribution of its long-duration modular batteries. The company aims to help remote and rural communities transition to low-cost reliable cleantech solutions and become diesel-free.

Participated · Series A · Feb 2025

IONATE builds a full-stack hardware and software solution for smart electricity grids. Its Hybrid Intelligent Transformer (HIT) replaces legacy transformers and can detect, analyse, and resolve power disturbances. The Aurora software platform consolidates multiple power system functions into a single device, enabling network efficiency, increased renewables hosting capacity, and AI-enabled control. Founded in 2019, the company has scaled its solution for data centers and is collaborating with energy giant EDP in Portugal and Spain. IONATE has received industry recognition from NATO’s Defence Innovation Accelerator for the North Atlantic (DIANA) and is positioning to address a market projected to reach $21 trillion by 2050 as electricity demand rises. The company recently completed a $17M Series A to support continued commercialisation and deployment of its technology. IONATE develops a patented power flow control solution intended to address power quality issues arising from energy decarbonisation. Its technology is designed to boost the reliability and productivity of connected assets, including renewable generation and battery storage. The company plans to scale operations and deploy its solution to electricity distribution grids, renewables generation projects and energy storage assets using the new funding. IONATE has been supported by Edinburgh Innovations and benefited from collaboration with the University of Edinburgh’s School of Engineering during technology development. The startup says it transformed the initial idea into fully functioning technology in less than three years and aims to commercialise its offering to play a role in the journey to Net Zero. It was recognised by the UK Energy Innovation Centre with the 2022 Future Energy System Award for its impact on the energy systems transition.

Participated · Seed · Sep 2024

Ayrton Energy develops a non-toxic liquid organic hydrogen carrier (LOHC) that stores hydrogen at room temperature and pressure. The company’s LOHC is said to look like water and stores hydrogen through a hydrogenation/dehydrogenation process similar to how vegetable oils are hydrogenated to make margarine. Ayrton uses commercially available, electrolyzer-like equipment and a modular approach so scaling requires more modules rather than larger parts. Its LOHC can be transported using existing infrastructure—pipelines, rail cars, and tanker trucks—and the firm says it carries about twice as much hydrogen per liter as compressed hydrogen. The company reports round-trip energy use lower than liquefied hydrogen, ammonia, or methanol and slightly higher than compressed hydrogen, and highlights lower up-front costs from reusing current fuel infrastructure. Co‑founders Natasha Kostenuk (CEO) and Brandy Kinkead plan to use recent funding to scale the technology toward producing two to three tons of hydrogen per day by 2027.