Freyr Energy, a provider of technology-driven rooftop solar techniques, secured Rs 58 crore ($7 million) in a Series B funding round managed by EDFI ElectriFI (Electrification Financing Initiative), an EU-funded impact investment facility.
Schneider Electric Energy Asia Fund, Lotus Capital LLC, Maybright Ventures, and VT Capital also took part in the round. Freyr intends to use the additional funds to grow its marketing and product development team.
“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 company.
Saurabh Marda and Radhika Choudary founded Hyderabad-based Freyr Energy in 2014; it is a full-service provider of solar-integrated systems and solutions. It primarily serves retail clients, including homeowners and micro, small, and medium-sized businesses.
About Freyr Energy
Freyr Energy has established itself as a leader in rooftop solar for both residential and commercial applications. Through SunPro+, they also provide a special platform for their cherished channel partners. They provide everyone with affordable solar energy systems, including system design, installation, and maintenance.