Freyr Energy which is a company based in Hyderabad, India, that majorly focuses upon the rooftop solar solutions. The company has raised Rs 58 crore in equity investment. The investment round was led by EDFI ElectriFI which is a European Union funded impact investment facility managed by EDFI Management Company and contributed $3 million.
Other investors who participated in this funding round includes Schneider Electric Energy Asia Fund, Lotus Capital LLC, Maybright Ventures and VT Capital, as mentioned in the official press release.
Freyr Energy aims to empower Indian retail customers to transition to solar energy. This new investment will enable them to expand their team and it will enhance product development and boost marketing efforts to further accelerate their growth.
Rodrigo Madrazo – the CEO of EDFI Management Company, highlighted the retail solar market in India is currently fragmented and disorganized. EDFI sees an opportunity to collaborate with Freyr Energy to offer solar solutions that include technology and consumer financing which is making it easier for retail customers to switch to solar power.
The funding secured by Freyr Energy is a significant step toward advancing the adoption of solar power in India which was especially for the retail customers. With the support of EDFI ElectriFI and other investors, Freyr Energy is well positioned to make solar solutions more accessible and it enhances and makes it convenient for homes and businesses. This investment reinforces their commitment in providing a clean and, indeed, a sustainable energy alternative. As they continue to grow and innovate with the wheel of time, more and more people in India will have the opportunity to embrace solar energy which will be successfully contributing towards a greener and a more sustainable future.
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