Freyr Energy raises Rs 58 crore to accelerate solar transition – EQ
In Short : Freyr Energy, a leading solar solutions provider in India, has successfully raised Rs 58 crore in funding to accelerate the country’s solar transition. The funding round was backed by a mix of equity and debt from various investors, demonstrating strong support for renewable energy initiatives in India. Freyr Energy plans to utilize the funds to enhance its technology, expand its market presence, and offer innovative solar solutions to residential, commercial, and industrial customers. This infusion of capital will play a vital role in advancing India’s renewable energy sector and promoting sustainable energy practices.
In Detail : Rooftop solar makes up less than 2 per cent of total energy mix
Tech-enabled rooftop solar company Freyr Energy has raised an equity investment of ₹58 crore in its Series B round.
The round was led by EDFI ElectriFI, an EU-funded impact investment facility managed by EDFI Management Company, which invested $3 million, along with other partners including Schneider Electric Energy Asia Fund (SEEAA), Lotus Capital LLC, Maybright Ventures, and VT Capital.
“The strategic investment reinforces our commitment to empowering Indian retail customers and will allow us to make investments in building our team, product development, and marketing to continue scaling at a rapid pace,” said Radhika and Saurabh (Co-Founders, Freyr Energy).
The solar market for the retail sector in India is highly fragmented and disorganised, according to Rodrigo Madrazo, CEO of EDFI Management. “We saw an opportunity with Freyr Energy to bring solar solutions combined with technology and consumer financing to allow retail customers to transition seamlessly to solar power and reduce their electricity bills,” he added.
India’s retail sector accounts for more than 50 per cent of its total electricity consumption. Meanwhile, rooftop solar makes up less than 2 per cent of this energy mix today. “Solar power, which is 60 percent less expensive than grid power, presents a substantial market opportunity,” explained Abhishek Agarwal (Founder and Managing Partner, Lotus Capital LLC).
