Freyr Energy raises Rs 18 cr from Total, others

Hyderabad-based solar rooftop company Freyr Energy has raised Rs 18 crore equity investments from Total Carbon Neutrality Ventures, Schneider Electric Energy Access Asia and C4D Partners. The funds will be used to accelerate growth and further enhance customer experience, Saurabh Marda, Managing Director of Freyr Energy said in a statement on Wednesday. Freyr was founded in 2014 to help provide world class solar solutions to homeowners and businesses and caters to residential and small businesses across 22 states. Total Carbon Neutrality Ventures is the venture capital arm of French energy giant Total. Its principal Florian Temimeat said Freyr eases acquisition of rooftop solar customers.

Gilles Vermot Desroches of Schneider Electric Energy Access said through its innovative and scalable solution, Freyr can contribute to mass-market adoption of solar energy, generating significant environmental impact. C4D Partners, for which this is a follow-on investment, said Freyr has the potential to change how rooftop solar is sold and managed and can also bring in the much-needed consolidation in the sector. As part of Total’s commitment to a better energy future, Total Carbon Neutrality Ventures is focused on finding, funding and fostering high-potential startups that contribute to creating a low carbon future.

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Its current investment focus includes renewables, distributed energy, new mobility, energy access, energy storage, bioplastics, circular economy and recycling. Schneider Electric Energy Access Asia is a 20.9 million euro impact investment vehicle funded by Schneider Electric, Norfund, EDFI Electrifi and Amundi dedicated to investing in startups that work towards increasing quality of life and boosting economic development in Asia. C4D Partners or Capital 4 Development Partners invests in scalable and impactful small and medium enterprises, primarily in India and Indonesia.