Haryana-based Loom Solar aims to utilize this funding to power millions of homes in India in the medium term
Faridabad-based residential solar tech startup Loom Solar recently raised funding of $2 million from US-based Social Investment Managers and Advisors (SIMA) under the Energy Access Relief Fund (EARF) supported by the World Bank, DFC, BII and IFC among others. The startup suggested that the current funding will support its goal of powering millions of homes in India in the medium term through sustainable solar energy.
The five-year-old Indian startup in the residential solar space has launched products like mono solar panels, grid-connected AC Modules, and shark bifacial in the shark series. In addition to catering to the Indian market, it also exports its products to the West, under the ‘Make in India’ initiative of the Indian government.
The director of the 2018-born Loom Solar, Amod Anand remarked: “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 (SIMA) has come timely.”
Interestingly, last year has seen a number of cleantech startups such as Hygenco, SolarSquare and EMotorad securing significant funding from various national and international investors. While adoption and affordability still remain a concern, the market is only expected to grow over time. As per reports, India’s climate finance needs close to $1 trillion over the next decade to fight climate change and achieve the net-zero target by 2070.
Anand believes that the startup has successfully delivered clean power to thousands of customers across residential, commercial, and industrial sectors in India. He added, “We look forward to working in the same direction by bringing more efficient and green energy solutions in times to come.”