Solar startup Freyr Energy raised $7 M Series B funding from EDFI ElectriFI

Rooftop solar company Freyr Energy has raised Rs 58 crore ($7 million) with the help of EDFI ElectriFI, a facility for impact investing funded by the EU and run by EDFI Management Company. Schneider Electric Energy Asia Fund (SEEAA), Lotus Capital LLC, Maybright Ventures, and VT Capital are additional investors who took part in the round.

According to a press release from Freyr, the money will be spent on expanding the company’s team, product development, and marketing.

For the best system performance, Freyr Energy oversees the entire process of designing, acquiring, and installing rooftop solar systems.

The Hyderabad-based startup had previously received equity investments totaling Rs 18 crore from Total Carbon Neutrality Ventures, Schneider Electric Energy Access Asia, and C4D Partners in April 2021.

In the last 12 months, a number of solar technology companies, including Ellipsol, Aerem, SolarLadder, and SolarSquare, have raised money. In the same market as Zunroof are Cleantech, Mysun, Oorjan, and Loom Solar.

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