Loom Solar Raises $2 Million from US-Based Asset Manager
The company’s products power 50,000 homes across India
January 18, 2023
Haryana-based solar technology startup Loom Solar raised $2 million in funding from the U.S.-based asset manager Social Investment Managers and Advisors (SIMA Funds) to support its growth strategy for solar energy solutions.
Loom manufactures bifacial solar panels and lithium batteries. The company said that its clean solutions currently power more than 50,000 homes across India.
The startup claims to be developing an ecosystem for residential customers to access better technology and quick finance to make solar energy more affordable.
The fundraising activity was supported by the World Bank Group, Development Finance Corporation, British International Investment, and Dutch development bank FMO.
Director of Loom Solar Amod Anand said, “As we are significantly scaling our portfolio to provide energy access and provide green energy solutions to communities propelling economic growth, reducing carbon emissions, and improving environmental sustainability, the funding support from Social Investment Managers and Advisors is timely. We have successfully delivered clean power to thousands of customers across residential, commercial, and industrial sectors in India, and we look forward to working in the same direction by bringing more efficient green energy solutions in times to come.”
“Loom Solar is one of the fast-growing companies in India in the solar manufacturing space. It has clearly distinguished itself through products, processes, and services. As Loom Solar has been overcoming the disruptions caused by COVID in the supply chain and is steering through the recent changes in import duty that slowed down the market briefly, we believe that EARF support from SIMA can make Loom Solar be more resilient to achieve its energy access goals,” commented Arivazhagan G D, partner at SIMA.
In 2021, SIMA launched the Energy Access Relief Fund with a first close of $68 million and a target closing of around $84 million by the end of the year. The fund aimed to support off-grid solar companies in sub-Saharan Africa and Asia.
In the same year, the Green Climate Fund approved FMO’s proposal to accelerate private and public sector investment in India’s green infrastructure projects.
Gourav Mishra
More articles from Gourav Mishra.
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