Solar startup Freyr Energy raises $7 Mn in Series B round

Rooftop solar company Freyr Energy has raised Rs 58 crore ($7 million) led by EDFI ElectriFI, an EU-funded impact investment facility managed by EDFI Management Company. Other investors who participated in the round are Schneider Electric Energy Asia Fund (SEEAA), Lotus Capital LLC, Maybright Ventures and VT Capital. 

The proceeds will be used in building its team, product development and marketing, Freyr said in a press release.

Freyr Energy manages the entire process of designing, procuring, and installing rooftop solar systems using quality standards for the optimal system performance.

Earlier in April 2021, the Hyderabad-based startup had raised  Rs 18 crore in equity investment from Total Carbon Neutrality Ventures, Schneider Electric Energy Access Asia, and C4D Partners.

A bunch of solar tech companies including Ellipsol, Aerem, SolarLadder and SolarSquare have raised funds in the past 12 months. Zunroof, Cleantech, Mysun, Oorjan, Loom Solar also compete in the space.