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Indian Solar Startup Freyr Energy Powers Up With $7 Million in Series B

By Chetan Majgaonkar --
Tuesday, 17 Oct, 2023

India's retail sector currently consumes more than 50% of the country's total energy. However, the percentage of rooftop solar arrays in this energy mix is less than 2%.

Freyr Energy founded in 2014 by Saurabh Marda and Radhika Choudary and headquartered in Hyderabad, India. Freyr Energy operates as a full-service solar systems integration and solutions company, from the procurement and installation to the management of rooftop solar systems. Its customer base primarily comprises homeowners and micro, small, and medium enterprises.

Given that solar power is substantially cheaper than grid power, this market has enormous potential, and Freyr Energy is strategically positioning itself to become a frontrunner and create significant economic and environmental benefits. The solar startup has now raised INR 58 crore (~ $7 million) in a recent Series B round.

An organization's valuation must be at least US$30 million to qualify for this level of funding. This kind of value does not always imply that a company is small. The average corporation requesting Series B capital is valued at roughly US$58 million, according to reputable trade journals.

The new funding, which follows an equity investment of INR 18 crore ($2.16 million) in April 2021 and a $1.5 million Series A from C4D Partners in 2018, will be utilized to expand its team, further develop its products, and enhance its marketing efforts, as highlighted in a press release by Freyr Energy.

The European Union-funded impact investment program (EDFI) ElectriFI, which is run by EDFI Management Company, was the driving force behind the fundraising round. Additionally, it included well-known investors including VT Capital, Lotus Capital LLC, Maybright Ventures, and Schneider Electric Energy Asia Fund (SEEAA).

India's solar technology sector has been humming with activity over the past year, with major fundraises by a number of solar firms like Ellipsol, Aerem, SolarLadder, and SolarSquare.

For More Details Visit: https://www.techloy.com/solar-startup-freyr-energy-raises-7-million-in-series-b-round/

Indian Solar Startup Freyr Energy Powers Up With $7 Million in Series B. India's retail sector currently consumes more than 50% of the country's total energy. However, the percentage of rooftop solar arrays in this energy mix is less than 2%.

Freyr Energy founded in 2014 by Saurabh Marda and Radhika Choudary and headquartered in Hyderabad, India. Freyr Energy operates as a full-service solar systems integration and solutions company, from the procurement and installation to the management of rooftop solar systems. Its customer base primarily comprises homeowners and micro, small, and medium enterprises.

Given that solar power is substantially cheaper than grid power, this market has enormous potential, and Freyr Energy is strategically positioning itself to become a frontrunner and create significant economic and environmental benefits. The solar startup has now raised INR 58 crore (~ $7 million) in a recent Series B round.

An organization's valuation must be at least US$30 million to qualify for this level of funding. This kind of value does not always imply that a company is small. The average corporation requesting Series B capital is valued at roughly US$58 million, according to reputable trade journals.

The new funding, which follows an equity investment of INR 18 crore ($2.16 million) in April 2021 and a $1.5 million Series A from C4D Partners in 2018, will be utilized to expand its team, further develop its products, and enhance its marketing efforts, as highlighted in a press release by Freyr Energy.

The European Union-funded impact investment program (EDFI) ElectriFI, which is run by EDFI Management Company, was the driving force behind the fundraising round. Additionally, it included well-known investors including VT Capital, Lotus Capital LLC, Maybright Ventures, and Schneider Electric Energy Asia Fund (SEEAA).

India's solar technology sector has been humming with activity over the past year, with major fundraises by a number of solar firms like Ellipsol, Aerem, SolarLadder, and SolarSquare.

For More Details Visit: <a href="https://www.techloy.com/solar-startup-freyr-energy-raises-7-million-in-series-b-round/">https://www.techloy.com/solar-startup-freyr-energy-raises-7-million-in-series-b-round/</a>