Freyr Energy raises ₹58 crore in Series B funding led by EU fund | Mint
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Business News/ News / India/  Freyr Energy raises 58 crore in Series B funding led by EU fund
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Freyr Energy raises ₹58 crore in Series B funding led by EU fund

EDFI ElectriFI invested close to ₹24 crore in the solar-energy startup, with the rest coming from Schneider Electric Energy Asia Fund, Lotus Capital LLC, Maybright Ventures and VT Capital

Freyr Energy primarily caters to retail customers, including homeowners and micro, small and medium enterprises (Photo: Hemant Mishra/Mint)Premium
Freyr Energy primarily caters to retail customers, including homeowners and micro, small and medium enterprises (Photo: Hemant Mishra/Mint)

Tech-enabled rooftop solar solutions providing firm Freyr Energy said on Monday that it has raised 58 crore in its Series B funding round led by EDFI ElectriFI (Electrification Financing Initiative), an EU-funded impact investment facility managed by EDFI Management Company.

EDFI ElectriFI invested close to 24 crore in Freyr Energy. The rest was from Schneider Electric Energy Asia Fund (SEEAA), Lotus Capital LLC, Maybright Ventures and VT Capital, the company said in a statement.

Freyr plans to use the funds to expand product development and marketing teams to continue scaling rapidly. The Hyderabad-based startup, founded in 2014 by Saurabh Marda and Radhika Choudary, is a full-service solar systems integration and solutions company. It primarily caters to retail customers, including homeowners and micro, small and medium enterprises.

“The solar market for the retail sector in India is highly fragmented and disorganized. In this context, we do see an opportunity to team up with Freyr Energy in bringing solar solutions combined with technology and consumer financing to allow retail customers to transition seamlessly to solar power and reduce their electricity bills," said Rodrigo Madrazo, chief executive officer of EDFI Management.

Prior to this, the company had raised 27 crore in a Series A round of funding led by Netherlands-based impact investment fund C4D Partners, and seed funding from another Dutch investment company, Doen Participaties.

Meanwhile ElectriFI, which is managed by EDFI Management Company, is an investment facility funded by the European Union. It invests in early-stage private companies and projects that increase access to and supply of sustainable energy in developing countries. So far the fund, which has a corpus of more than €275 million, has deployed €124 million across 46 investments in 22 countries.

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Published: 16 Oct 2023, 04:41 PM IST
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