Freyr Energy Raises ₹18 Crore Investment from C4D, Total and Schneider

Freyr Energy, a solar rooftop company based in Hyderabad, announced yesterday that it has secured an equity investment of Rs 18 crore from Total Carbon Neutrality Ventures, Schneider Electric Energy Access Asia and C4D Partners. The company works towards providing technology solutions to help homeowners and MSMEs transition to solar. Saurabh Marda, Managing Director of Freyr Energy, said in a statement that the funds  will be used to accelerate growth and further enhance customer experience.

In July last year, the company launched SunPro+, an app that allows customers to learn about solar, order a system, track installation progress and monitor system performance on their own, making the whole process of owning a solar system simple and seamless. “Freyr Energy has fully digitalised 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’s development,” said Florian Temime, Principal, Total Carbon Neutrality Ventures, the venture capital arm of French energy giant Total.

Total Carbon Neutrality Ventures is focused on finding, funding and fostering high-potential startups that offer opportunities in the push to creating a low carbon future. Renewables, distributed energy, new mobility, energy access, energy storage, bio-plastics & recycling, artificial intelligence, and IoT, comprise its current areas of interest for investment purposes.

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Last year, just  719 MW of rooftop solar capacity was added in 2020, which is a 34% decline year-over-year.

Speaking of the current investment, Gilles Vermot Desroches, president of SEEA Asia and SVP at Schneider Electric, said, “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.” Schneider Electric Energy Access Asia is an investment fund dedicated to early and growth stage ventures in the energy access segment in South and Southeast Asia. It is managed by Schneider Electric and Norfund is a founding investor in the fund.

Arvind, partner, C4D Partners, commented on the company’s follow-on investment by saying, “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 much-needed consolidation in the sector.” Capital 4 Development Partners invests in promising, scalable and impactful small and medium enterprises, primarily in India, Indonesia and the Philippines.

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A recent report by the Institute for Energy Economics and Financial Analysis (IEEFA) indicates that the country’s policymakers should develop plans combining rooftop solar and storage since the integration is becoming increasingly cost-effective for power generation vis-à-vis grid supply and diesel generators.

Freyr Energy was founded in 2014 to help provide world class solar solutions to homeowners and businesses and caters to residential and small businesses across 22 states. “Along with our existing investor C4D Partners, strategic investors like Total Carbon Neutrality Ventures and Schneider Electric Energy Access Asia provide us not only capital but global experience in the energy sector”, Marda added.