In Short:
Ecozen, a company that creates climate-smart technology solutions, has received $30 million in funding from a mix of debt and equity sources. The funds will be used to meet the increasing demand for Ecozen’s innovative products and expand into new markets in Africa and South-East Asia. Ecozen’s solar-powered systems have helped over 1.80 lakh farmers increase their incomes and reduce greenhouse gas emissions.
Ecozen Raises $30 Million to Expand Climate-Smart Technology Solutions
Ecozen, a company dedicated to developing climate-smart technology solutions, has secured $30 million in funding through a combination of debt and equity. This infusion of capital includes support from Nuveen, existing equity investors, and new debt support from InCred Credit Fund and the US International Development Finance Corporation (DFC) through Ecozen’s exclusive advisor Setuka Partners LLP.
Meeting Growing Demand with Innovation
The latest round of funding will enable Ecozen to meet the increasing demand for its innovative products and further its commitment to climate-smart technology. The company anticipates doubling its revenue in the current fiscal year by leveraging its advanced tech stack, which includes motors and controls, thermal energy storage, AI, and IoT. Additionally, Ecozen plans to expand its offerings and market presence in Africa and South-East Asia.
Transforming Industries with Sustainable Solutions
Ecozen has successfully made solar-powered systems a viable option for small and marginal farmers in India. Its pioneering products, Ecotron and Ecofrost, have revolutionized the agricultural irrigation and cold chain industries over the past decade. These clean energy innovations have not only increased the incomes of over 1.80 lakh farmers but also significantly reduced greenhouse gas emissions and prevented food loss.
Driving Accelerated Growth
Devendra Gupta, CEO and Co-Founder of Ecozen, expressed his gratitude towards investors for their continued support in the company’s mission to empower customers and advance the transition to climate-smart technologies globally. He highlighted Ecozen’s commitment to catalysing climate-smart solutions for agriculture and other key sectors in the future.
Rekha Unnithan, Managing Director at Nuveen, emphasized the importance of investing in businesses like Ecozen that have a positive impact on climate change mitigation and resilience. Saurabh Jhalaria, CIO at Incred Alternative Investments, praised Ecozen’s product track record and its potential for profitable growth in alignment with India’s sustainable initiatives.
James Polan, Vice President of Health & Agribusiness at DFC, commended Ecozen for its innovative and impactful approach to improving agricultural productivity and reducing emissions in India.
