Solar company Freyr Energy raises $6M in series B round

Indian tech-enabled rooftop solar company Freyr Energy has raised an equity investment of $6 million in series B round.

The round was led by EDFI ElectriFI, an EU-funded impact investment facility managed by EDFI Management Company which invested $3 million. Other investors who participated in the round are Schneider Electric Energy Asia Fund (SEEAA), Lotus Capital LLC, Maybright Ventures and VT Capital.

Freyr Energy is at the forefront of sustainable change accelerating the transition to solar energy for the retail customers (Homeowners and Micro, Small, and Medium Enterprises) in India.

Rodrigo Madrazo (CEO of EDFI Management company) said, “The solar market for the retail sector in India is highly fragmented and disorganized. In this context, we do see an opportunity to team-up with Freyr Energy in bringing solar solutions combined with technology and consumer financing to allow retail customers to transition seamlessly to solar power and reduce their electricity bills. At EDFI MC, we are proud to have closed this equity transaction together with likeminded investors from different parts of the globe.”

Gilles Vermot Desroches, President of SEEAA added, “We believe that Freyr Energy has the potential to foster the energy transition in India by expanding from clean energy production to smart energy consumption. It is this vision as well as the quality and professionalism of the leadership team that encouraged us to invest in Freyr Energy 2 years ago and support them throughout their journey to Series B. We are excited with the accomplishment so far and cannot wait to see how, alongside likeminded co-investors, we could support the company further”.

Abhishek Agarwal (Founder & Managing Partner, Lotus Capital LLC) said “India’s retail sector accounts for more than 50% of its total electricity consumption. Rooftop solar makes up less than 2% of this energy mix today. Solar power, which is 60% less expensive than grid power, presents a substantial market opportunity.  Freyr Energy is very well positioned to become a market leader and create significant economic and environmental impact”.

Radhika and Saurabh (Co-Founders, Freyr Energy) said, ‘We are excited about this fund raise and bringing on-board likeminded investors. This strategic investment reinforces Freyr Energy’s commitment to empower Indian retail customers and will allow us to make investments in building our team, product development and marketing to continue scaling at a rapid pace.’