EnergyPro Asset Management Limited (EPAM), a U.K.-based company, is set to raise £2 million (~$2.5 million) in equity funding to bridge energy transitions in the U.K. and India through technology transfer and investment.

According to the company’s filing with the London Stock Exchange (LSE), EPAM, which focuses on accelerating energy transition through improved energy efficiency, will invest the equity raised to provide technology and know-how required in India.

It will also be used to generate opportunities for the U.K.-based companies working in the energy transition segment and seeking to make inroads into the Indian market, the company noted. EPAM, which is also a member of the UK India Business Council, mentioned that funds would also be utilized to create economic and social impact, develop further revenue, and investment opportunities for the company.

India has been active in planning and implementing several energy efficiency programs.

EnergyPro Assets Ltd (EPAL) is a joint venture of EPAM with Energy Efficiency Services Ltd (EESL).

EESL, a government of India enterprise leading energy efficiency initiatives in India, recently invited bids for strategic partners in the United Arab Emirates. The partnership is to promote and implement energy efficiency and renewable energy solutions in both the public and private sectors.

EESL has been leading the energy efficiency programs of the government agencies and Bureau of Energy Efficiency (BEE), another government agency working towards energy efficiency and conservation. In a recent report, BEE published that the implementation of several energy efficiency programs in India has led to electricity savings to the tune of 113.16 Billion Units (BUs) in 2018-19, which was 9.39% of the net electricity consumption (1,204 BUs).

The Ministry of Power, which keeps tabs on the progress made by the Indian states and union territories regarding energy efficiency initiatives, has reported that Haryana, Karnataka, Kerala were the top states in terms of their energy efficiency achievements.

“EPAL has executed over £60 million (~$75.4 million) of investments, including the first overseas acquisition by an entity under the Indian Ministry of Power. EPAM’s relationship with EESL has facilitated several other opportunities for EPAM in India, the filing noted. EPAM, at present, has a pipeline of about 20 opportunities in the country, five of which are well progressed.

EPAM is also focusing on several companies developing technologies with applications in the Indian energy market. These include a developer of electric vehicle charging infrastructure, a developer of grid-scale energy storage systems, and a provider of artificial intelligence-based building control systems that enable grid integration noted the London Stock Exchange.

According to a report released by Mercom Capital Group in April 2020, Battery storage, smart grid, and energy efficiency companies received $252 million in venture capital (VC) funding in the first quarter (Q1) of 2020, a 20% increase from the $210 million raised in Q1 2019.