Promethean Energy: Raising Funds to Decarbonise Industrial Heating

Promethean Energy, a cleantech startup dedicated to the decarbonisation of industrial heating, has successfully secured $2 million in its pre-Series A funding round. This round was led by Transition VC, with investments from Sangam Venture, Sagana Capital, and Fondation Botnar.

The capital raised will be directed towards expanding its product offerings, developing AI-driven energy optimisation tools, and increasing its operational footprint in India and Southeast Asia.

Based in Mumbai, Promethean Energy designs industrial-level heat pump and waste heat recovery systems aimed at replacing traditional fossil-fuel heating methods. Their products feature thermal storage, intelligent controls, and comprehensive energy monitoring capabilities.

Promethean Energy’s solutions are tailored to meet the specific requirements of Indian industries, operating under both CAPEX and ESCO business models.

The company’s systems are currently utilised by major organisations, including Hindustan Unilever, Godrej Industries, and Raymond Textiles. This innovative technology is implemented across various sectors, such as chemicals, textiles, fast-moving consumer goods (FMCG), and steel, leading to an impressive annual reduction of over 100,000 tonnes of CO2 emissions reported.

With an ambitious goal to decarbonise 1,000 factories by 2027, Promethean Energy is also preparing for pilot projects in Bangladesh, Indonesia, and the Middle East.