Solar Cold Storage Tech Company Ecozen Raises $25 Million for Energy Transition
The company has helped generate over 1 billion units of clean energy
January 25, 2023
Pune-based solar cold storage solutions provider Ecozen has raised $25 million in equity and debt capital in its series C round as it looks beyond agriculture to expand into new climate deep-technology fields.
The company is looking to accelerate the broader energy transition through its deep-tech expertise in energy storage, motor controls, and analytics.
The Series C equity portion was led by Nuveen and Dare Ventures, with participation from the Export-Import Bank of India (India EXIM Bank) and existing investors Caspian and Hivos-Triodos Funds (managed by Triodos Investment Management).
Rekha Unnithan, Managing Director at Nuveen, mentioned Ecozen has built products that replace diesel water pumps and fossil-fuels-dependent coolers, improve drought resiliency for smallholder farms, and simultaneously increase farmer incomes.
“With Ecozen’s proven expertise in delivering climate-smart technology solutions while maintaining profitability, together we will exponentially grow their impact globally and beyond agriculture,” she added.
Ecozen estimates India’s market size for its innovative technology stacks will grow to $25 billion by 2025.
“As we expand beyond India and agriculture, we will continue to focus on profitable growth and sustainable technology solutions. Ecozen will aggressively expand production capacity and product range,” Devendra Gupta, CEO, and Co-Founder at Ecozen, said.
The company said it aims to capitalize on a slate of successful projects by establishing itself as a trusted agri value chain participant in Africa and Southeast Asia.
Ecozen has applied its technology stacks to the agricultural sector and positively impacted cold chains through its Ecofrost product line and the irrigation industry through its Ecotron product line.
The company claims to have helped generate over 1 billion units of clean energy, potentially saving 20,000 metric tons of food loss and reducing over 1 million tons of greenhouse gas emissions.
The company will leverage Nuveen’s experience in scaling impact-oriented businesses to augment its commercial offering, and the funding from India Exim Bank will support it in its export-related activities.
Early investors in Ecozen, Omnivore, and IFA achieved partial exits in the funding round.
The debt portion was provided by Maanaveeya Development and Finance, Oxyzo, Northern Arc group, HDFC Bank and Axis Bank.
In June 2022, Ecozen raised ₹540 million (~$6.93 million) as part of a planned ₹2 billion (~$25.67 million) Series C funding round.
The company also raised $6 million in a Series A fundraise from Sathguru Catalyser’s Innovation in Fund and Agriculture Fund.
Get the most relevant India solar and clean energy news.
RECENT POSTS
LATEST HEADLINES
Maharashtra Approves Tariffs for 8.7 MW of Solar Power Under KUSUM Program
Mar 21, 2023
Brookfield to Aquire KKR’s 50% Stake in Renewable Developer X-Elio
Mar 21, 2023
NTPC’s Subsidiary Will Develop Renewable Projects for IndianOil Refineries
Mar 21, 2023
Constant Climate-Centric Funding Can Limit Global Temperature Under 1.5°C
Mar 21, 2023
India Voices Concern over Europe’s Carbon Tariff Measure at WTO
Mar 21, 2023
India added 2.5 GW of solar open access in the calendar year (CY) 2022, a year-over-year (YoY) increase of 92% from the 1.3 GW installed in CY 2021, according to the newly released 2022 Q4 & Annual Mercom India Solar Open Acce...
March 15, 2023
Solar
Kerala Issues Empanelment Tender for 100 MW of Solar ProjectsThe Kerala State Electricity Board (KSEB) has invited bids to empanel solar developers to set up 100 MW of grid-connected rooftop and ground-mounted projects. Empanelled vendors also must furnish operation and maintenance (O&M...
March 20, 2023
Tenders and Auctions
Gujarat Invites Bids to Procure 500 MW of Wind Power with Greenshoe OptionGujarat Urja Vikas Nigam (GUVNL) has invited bids to procure power from 500 MW of grid-connected wind projects (Phase V) with a greenshoe option of an additional capacity of up to 500 MW. The last day to submit the bids online is ...
March 17, 2023
Rooftop
MSMEs Adopt Solar Readily If Savings on Power Bills Cover EMI Cost: InterviewSmall businesses are open to adopting rooftop solar if loan repayment is not an additional burden and is equal to their savings on electricity bills. Entities in the commercial and industrial (C&I) segment are increasingly mov...
March 17, 2023
Trending News
Tender & Auctions
Indian Oil Floats O&M Tender for 8 MW Solar Project in Ahmedabad
March 14, 2023
Technology
Researchers Find Solution to Manage Load in Solar PV & Storage Systems
February 28, 2023
February 27, 2023
February 24, 2023
January 17, 2023
Magazine
Grid
Sterlite Bags ISTS Project to Evacuate 20 GW of Renewables in Rajasthan
March 13, 2023
Latest News
The Maharashtra Electricity Regulatory Commission (MERC) has adopted tariffs of ₹3.28 (~$0.039)/kWh, ₹3.29 (~$0.039)/kWh, and ₹3.30 (~$0.040)/kWh for the procurement of 8.7 MW of solar power on a long-term basis. The Commission...
March 21, 2023
Global investment firm Kohlberg Kravis Roberts (KKR) has agreed to sell 50% of its stake in renewable developer X-ELIO to its joint venture partner Brookfield Renewable. Financial details were not disclosed. Since KKR’s...
March 21, 2023
NTPC Limited’s wholly owned subsidiary, NGEL, has entered into a joint venture agreement with Indian Oil Corporation (IOCL) to develop renewable energy projects that can meet round-the-clock power requirements to meet the...
March 21, 2023
Financial support from developed economies to developing nations which is a critical enabler of climate action has been inadequate, said scientists in the latest Intergovernmental Panel on Climate Change (IPCC) report...
March 21, 2023
India has expressed concern about the carbon border measures proposed by the European Union (EU) at a recent meeting of the World Trade Organization’s (WTO) Committee on Trade and Environment. Presenting a paper on the increasing...
March 21, 2023
JSW Neo Energy (JSW Energy) and Greenko KA 01 IREP (Greenko) have won the Power Company of Karnataka’s (PCKL) auction to supply 1 GW of energy for 8 hours daily from pumped hydro storage projects providing continuous 5-hour...
March 21, 2023
Sterling and Wilson Renewable Energy, the solar engineering, procurement, and construction (EPC) arm of Shapoorji Pallonji Group, won NTPC’s tender for the balance of system (BOS) package to develop 1.2 GW (4*300 MW) of solar...
March 21, 2023
Indian Oil Corporation (IOCL) has invited bids for the operation and maintenance (O&M) of an existing 8 MW solar power project at the LPG bottling plant at Sanand in Ahmedabad for five years. The last date to submit the bids...
March 21, 2023
Researchers at the Indian Institute of Technology Mandi (IIT Mandi) have claimed a breakthrough in producing metal oxide layers for use in advanced architecture silicon solar cells using a cost-effective method. This innovative...
March 21, 2023
The government has allowed NTPC to invest in its subsidiary, NTPC Green Energy (NGEL), beyond the limit allowed for a ‘maharatna’ central public sector enterprise (CPSE). The extant guidelines prescribe a ceiling of 30% of a...
March 21, 2023
Get the most relevant India solar and clean energy news.
POPULAR POSTS
Maharashtra Approves Tariffs for 8.7 MW of Solar Power Under KUSUM Program
Mar 21, 2023
Brookfield to Aquire KKR’s 50% Stake in Renewable Developer X-Elio
Mar 21, 2023
NTPC’s Subsidiary Will Develop Renewable Projects for IndianOil Refineries
Mar 21, 2023
Constant Climate-Centric Funding Can Limit Global Temperature Under 1.5°C
Mar 21, 2023
India Voices Concern over Europe’s Carbon Tariff Measure at WTO
Mar 21, 2023
JSW and Greenko Win Karnataka’s Bid for 1 GW of Pumped Storage Projects
Mar 21, 2023
Sterling and Wilson Bags BoS Package Tender for 1.2 GW Solar Projects
Mar 21, 2023