Promethean Energy Raises USD 2 Million in Pre-Series A to Boost Industrial Decarbonisation Efforts
Promethean Energy has raised USD 2 million in a Pre-Series A round led by Transition VC. The funding round also witnessed participation from other marquee investors such as Sangam Venture, Sagana Capital, and Fondation Botnar.
May 26, 2025. By News Bureau
The company will utilise the capital to expand product offerings, scale operations, and deepen its presence across India and Southeast Asia.
Founded by IIT Bombay alumni, Promethean Energy builds industrial-grade heat pump systems and waste heat recovery solutions to replace fossil-fuel-based heating in large factories and commercial establishments. The company’s proprietary systems combine high-efficiency thermal technology with thermal storage, smart controls, and real-time energy monitoring to deliver clean, reliable, and cost-effective heating.
Particularly for the Indian market, the company excels in designing robust low-grade thermal solutions tailored to India's industrial conditions—addressing challenges like water hardness and humidity. These localised systems not only extend product life but also offer payback periods nearly twice as fast as global alternatives, accelerating the shift toward industrial decarbonisation across the country.
Promethean operates through both CAPEX and ESCO (pay-per-use) models, offering guaranteed energy savings and faster adoption for industries with minimal upfront capital. The company’s systems are helping its clients save over 100,000 tonnes of CO2 emissions per year, and have already been deployed across automotive, FMCG, chemicals, textiles, distilleries, and steel sectors. Its client roster includes marquee names such as Hindustan Unilever, Godrej Industries, Raymond Textiles, and SAIL, among others.
By 2027, Promethean Energy is poised to decarbonise 1,000 factories through strategic partnerships with OEMs and EPC players and by enabling clean heat adoption at scale through its tech-first approach.
Speaking on the funding and Promethean Energy’s vision, the company’s Founder & CTO, Rajat Agarwal, said, “Thermal energy is the last bastion of fossil fuel use in Indian industry. At Promethean, we’re replacing steam boilers and hot water generators with smart, electric heat pump and heat recovery systems—clean, efficient, and reliable. This round of funding helps us scale our mission to decarbonize industrial heat across India and beyond.”
Head of Energy Efficiency, KP Ashwin said, “Promethean plans to use the raised capital to expand its product line to include high-temperature and advanced heat pumps, develop an AI-powered thermal energy optimisation platform, and build a national network of sales and service engineers. It also aims to launch international pilots in Bangladesh, Indonesia, and the Middle East.”
“India's industrial and manufacturing sector is a significant contributor to national emissions, ranking third after energy and agriculture, and accounting for roughly 240 million tonnes of CO2 equivalents, or approximately 10 percent of India's total greenhouse gas output. Promethean offers impactful energy efficiency solutions, including advanced waste heat recovery systems and industrial heat pumps, which hold substantial promise for decreasing carbon emissions from this sector in both domestic and international markets. Their proven ability to successfully deploy reliable systems at scale positions them as a key player, delivering compelling and rapid returns on investment for customers,” said Shoeb Ali, Co-founder & Managing Partner, Transition VC.
“The time for industrial decarbonisation is now. The market opportunity in India for industrial energy efficiency and waste heat recovery is estimated to be USD 15+ billion over the next decade. At Transition VC, we believe Promethean Energy is poised to lead this shift with its deep-tech solutions,” added Raiyaan Shingati, Co-founder & Managing Partner, Transition VC.
Karthik Chandrasekar from Sangam Venture said, “Energy efficiency solutions like low-grade waste heat recovery and heat pumps provide the best opportunity for rapid industrial decarbonization. From our initial seed investment in Promethean - we are awed by the resilience and focus that Ashwin and Rajat have shown and excited to see them build the next leader in energy efficiency solutions for India and the world.”
Antoine Veyrassat, Venture Philanthropy lead at Fondation Botnar, added, “At Fondation Botnar, we are thrilled to back Promethean Energy in India as they pioneer breakthrough solutions to decarbonize energy intensive industries — an urgent step toward a healthier, climate-resilient future for young people globally. Promethean’s bold innovation embodies the kind of systemic impact we seek to support. We’re deeply grateful to Sagana for being an exceptional partner in identifying and guiding high-potential ventures that are shaping a more sustainable world.” Antoine Veyrassat. Venture Philanthropy Lead at Fondation Botnar.”
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