Ecozen, a leader in climate-smart technology solutions, has secured $30 million in a mix of debt and equity funding. The investment, which includes continued support from Nuveen and other existing equity investors, as well as new debt support from InCred Credit Fund and the U.S. International Development Finance Corporation (DFC), will be used to meet the growing demand for Ecozen’s innovative products and expand its market reach to Africa and Southeast Asia.
Over the past decade, Ecozen has been at the forefront of making solar-powered systems a viable solution for small and marginal farmers in India. Its pioneering products, Ecotron and Ecofrost, have transformed the agricultural irrigation and cold chain industries, respectively. These modular, clean energy innovations have not only boosted the incomes of over 180,000 farmers but have also cut greenhouse gas emissions by 2 million tonnes and prevented more than 50,000 metric tons of food loss.
The latest round of funding will enable Ecozen to scale its operations and deepen its market penetration both domestically and internationally. The company anticipates doubling its revenue in the current fiscal year, driven by strong demand for existing products and plans to enter new segments undergoing a transition to cleaner energy sources.
Devendra Gupta, CEO and Co-Founder of Ecozen, expressed gratitude for the continued support from investors and highlighted the company’s commitment to empowering customers and expediting the transition to climate-smart technologies globally. He stated, “The capital raised will enable us to scale our operations and deepen our market penetration in domestic and international territories. We are committed to catalyzing climate-smart solutions for agriculture and other key sectors in the future.”
Rekha Unnithan, Managing Director and Head of Private Equity Impact Investing at Nuveen, emphasized the company’s transformative impact on climate change mitigation and resilience. She said, “Ecozen’s continued growth and innovation exemplify the type of transformative impact we aim to achieve through our investments, paving the way for a sustainable and inclusive low-carbon economy.”
Saurabh Jhalaria, CIO – Alternative Credit Strategies at Incred Alternative Investments, praised Ecozen’s proven product and execution track record, highlighting the company’s potential for profitable growth in India and other developing markets. He stated, “The opportunity in India and other developing markets is huge, and we are excited to partner with Ecozen in its growth journey.”
James Polan, DFC’s Vice President of Health & Agribusiness, commended Ecozen’s innovative and impactful project, which aligns with DFC’s priorities of investing in climate adaptation solutions and improving agricultural productivity. He emphasized the transaction’s significance in improving production, reducing food loss, and decreasing emissions in India.
With this latest funding, Ecozen is poised to further advance its mission of revolutionizing agriculture and other key sectors with climate-smart technology solutions, driving sustainable and inclusive growth worldwide.
