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<p>Hyderabad-based rooftop solar company Freyr Energy announced an equity investment of ₹180 million (~$2.3 million) from Total Carbon Neutrality Ventures, Schneider Electric Energy Access Asia (SEEAA), and Capital 4 Development Partners (C4D Partners).</p>
<p><a href="https://freyrenergy.com/" target="_blank" rel="noopener">Freyr Energy</a> caters to rooftop installations for the residential and micro, small, and medium enterprises (MSMEs) segment in 22 states across India.</p>
<p>In July 2020, Freyr Energy had <a href="https://mercomindia.com/weekly-wrap-up-canadian-solar-freyr-energy/" target="_blank" rel="noopener">launched</a> its revolutionary customer app — SunPro+, facilitating a seamless solar system owning process.</p>
<p>Funds raised in this round will be used to accelerate growth and further enhance customer experience.</p>
<p>&#8220;Along with our existing investor C4D Partners, strategic investors like Total Carbon Neutrality Ventures and SEEAA provide us not only capital but also global experience in the energy sector,&#8221; said Saurabh Marda, Managing Director of Freyr Energy.</p>
<p>Florian Temime, Principal, Total Carbon Neutrality Ventures (the venture capital arm of global energy company Total), commented, &#8220;Freyr Energy has fully digitalized the customer journey thanks to its proprietary software environment SunPro+. We are convinced that this innovative software will ease the acquisition of rooftop solar customers and facilitate the entire customer journey from acquisition through to financing, execution, and after-sales service. We see SunPro+ as a key success factor for Freyr&#8217;s development.&#8221;</p>
<p>Gilles Vermot Desroches, President of SEEAA, and Senior Vice President at Schneider Electric, said, &#8220;Through the innovative and scalable SunPro+ solution, Freyr Energy can contribute to mass-market adoption of solar energy, generating significant environmental impact while creating employment opportunities within their network of vendors.&#8221;</p>
<p>SEEAA is a €20.9 million (~$25 million) impact investment vehicle funded by Schneider Electric, Norfund, EDFI ElectriFI, and Amundi dedicated to investing in start-ups, increasing quality of life, and boosting economic development in Asia.</p>
<p>Commenting on the follow-on investment by C4D Partners in Freyr Energy, Arvind, Partner, C4D Partners, said, &#8220;Through their technology, Freyr Energy has the potential to change how rooftop solar is sold and managed in India and other countries. Freyr Energy could bring in the much-needed consolidation in the sector.&#8221;</p>
<p>C4D Partners invests in promising, scalable, impactful MSMEs, primarily in India and Indonesia.</p>
<p>In 2018, Freyr Energy had <a href="https://mercomindia.com/freyr-energy-raises-%e2%82%b9270-million-funding/" target="_blank" rel="noopener">raised</a> ₹270 million (~$3.81 million) through a mix of equity and debt investments, leveraging its technology platform to push decentralized solar in both India and abroad.</p>
<p>Global VC funding for the solar sector in Q1 2021 came to $1 billion in 14 deals, a 33% increase compared to $773 million raised in 12 deals in Q4 2020, according to Mercom Capital Group&#8217;s <a href="https://mercomcapital.com/product/q1-2021-solar-funding-ma-report/" target="_blank" rel="noopener">Q1 2021 Solar Funding and M&amp;A Report</a>.</p>
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Rooftop Solar Company Freyr Energy Raises ₹180 Million in Funding

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