Promethean Energy, a clean technology startup working to reduce carbon emissions in industrial heating, has raised $2 million in its pre-Series A funding round. The round was led by Transition VC, with additional investment from Sangam Venture, Sagana Capital, and Fondation Botnar.
The funds will be used to expand their product range, develop AI-powered energy-saving tools, and increase their presence in India and Southeast Asia.
The Mumbai-based company creates industrial heat pumps and systems to capture and reuse waste heat, helping replace heating that relies on fossil fuels. Their products also include thermal storage, smart controls, and energy tracking.
The company provides solutions designed for Indian industries and works with two models: CAPEX (where companies buy the equipment) and ESCO (where the company offers energy-saving services).
Promethean’s systems are used by big companies like Hindustan Unilever, Godrej Industries, and Raymond Textiles. Their technology is used in industries such as chemicals, textiles, fast-moving consumer goods (FMCG), and steel.
Each year, their systems help save over 100,000 tonnes of carbon dioxide (CO2), helping these industries reduce pollution and become more environmentally friendly.
The company plans to help 1,000 factories reduce their carbon emissions by 2027. It is also getting ready to start test projects in countries like Bangladesh, Indonesia, and the Middle East.
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