Freyr Energy Raises Funds to Strengthen Technology

Freyr Energy announced that is has raised an investment of INR 27 crore. This investment is primarily a mix of equity and debt.

Freyr Energy announced that is has raised an investment of INR 27 crore. This investment is primarily a mix of equity and debt. The round was led by C4D Partners, a Netherlands-based Impact Investment Fund.  Last year, Freyr Energy had secured seed funding from Doen-Participaties, another Netherlands-based investment company that has a strong track record of investing into innovative and sustainable start-ups.

Freyr Energy believes in making Solar energy more accessible for homeowners, businesses and communities around the world. Freyr Energy’s technology platform, SunPro, was developed to provide customised solutions to the customers. The company has recorded a 16X growth in revenue in the last four years and has been profitable for the last two years. Freyr Energy currently has 1000+ installations across 18 states in India and a customer base in USA, Nigeria and Ghana.

Commenting on the investment received, Saurabh Marda, Co-Founder, Freyr Energy said, “Freyr Energy is committed to leveraging its technology platform to accelerate growth of decentralised solar both in India and major solar markets around the world. The funds raised will be used to continue improving our technology platform, increase strength of our sales and channel partner network and support our marketing activities to fuel future growth.”

Commenting on the investment in Freyr Energy, Arvind Agarwal, Managing Director, C4D said, “The capital support from C4D Partners will help Freyr Energy to create more than 2,000 direct jobs and support more than 400 micro-entrepreneurs in the next five years. Freyr has a strong technology platform to scale the business and achieve wider customer base in India and internationally. We will continue to invest in Fryer in the future rounds as well to unlock synergies with other portfolio companies globally.”