Bangalore based Jupiter Capital has announced an investment of $2 million in Altigreen Propulsion Labs, a niche start-up providing technology enabled solutions for electric and hybrid powertrains.
Altigreen Propulsion Labs
Altigreen is engaged in research, design and development of proprietary hybrid vehicle technology for the Indian market. Kits developed by Altigreen address two burning issues and improve fuel-efficiency and reduce harmful tailpipe emissions, not just for new vehicles but also for the large population of existing cars and trucks.
Jupiter Capital’s Director Sudhakar Gande commented that Altigreen has developed hybrid technology solution enabling every vehicle to become a hybrid. The patented technology of the company can be replicated in other developing nations to address growing concerns on greenhouse gas emission.
Altigreen was founded by Amitabh Saran along with Lasse Moklegaard, Shalendra Gupta and John Bangura. Saran has a PhD in computer science while Bangura and Moklegaard both have a PhD in engineering.
Saran has worked at Tata Consultancy Services, Philips, Hewlett-Packard and US space agency NASA. He also founded a startup that was acquired by travel portal Yatra in 2012. Gupta, an IIM Ahmedabad alumnus, has worked at companies including SBI Capital Markets and Deutsche Bank.