Ecozen, a Pune-based company focused on clean energy solutions, has raised over $23 million in debt funding. Investors for this round included responsAbility Investments, Northern Arc Capital, and Maanaveeya Development & Finance.

The company plans to use the funds to scale its current businesses and expand its operations within India and abroad.

This round of investment will be directed toward scaling Ecozen’s flagship solutions, including Ecotron, Ecofrost, and advanced motor control systems.

Ecozen recorded a compound annual growth rate of over 83% in revenue over the past three years. The company has manufactured over 300,000 Ecotron solar pump controllers, producing 100,000 units between March and December 2024.

The company said its Omni controller enables existing customers to utilize solar energy across multiple applications. It claims to have reduced over 2 million MT of greenhouse gases as of date, including 660,000 MT in 2024.

Last year, Ecozen raised $30 million in a new funding round to accelerate its growth and global expansion. The investment includes equity from existing investors like Nuveen and new debt financing from the InCred Credit Fund and the U.S. International Development Finance Corporation. The funds were to be used to scale production of its solar-powered systems for agricultural irrigation and cold chain solutions and expand its current solar pump controller systems and cold storage solutions offerings.

In 2023, Ecozen raised $25 million in equity and debt capital in its Series C round. The company intended to use the funds to expand into new climate deep-technology fields. The company aimed to accelerate the energy transition through experience in energy storage, motor controls, and analytics.

Last year, independent power producer AMPIN Energy Transition secured funding of up to $35 million from responsAbility Investments to help AMPIN expand its clean energy projects across India.