Solar Tech Startup Loom Solar Raises $2 Mn Funding from SIMA Funds, USA

Rising start-up in photo voltaic tech Loom Photo voltaic has raised $2 Million funding from US-based Social Funding Managers and Advisors (SIMA) beneath the Vitality Entry Reduction Fund (EARF) supported by the World Financial institution, DFC, BII, FMO, IFC and others.

The beginning-up that appears into the manufacturing of bi-facial photo voltaic panels and lithium battery, is headquartered in Faridabad, Haryana. Moreover India, the 4 years outdated firm exports its merchandise to 10 international locations largely in North America and Europe, beneath the Authorities of India’s ‘Make in India’ initiative.

The funding will assist Loom Photo voltaic to attain its objective of powering hundreds of thousands of properties in India within the medium time period via sustainable photo voltaic power. Loom Photo voltaic maintains that it has been creating its capability, constantly innovating, and constructing new product portfolio. The agency can be targeted on constructing a stronger model and a deep distribution community throughout India.

Over 50,000 properties throughout India in the present day are powered by Loom Photo voltaic, and the start-up is creating an eco-system for residential clients with the assistance of know-how, product innovation, service and straightforward and fast finance. Loom Photo voltaic provides that’s encouraging new Indian properties and the prevailing ones to entry power via photo voltaic, which is sustainable.

Amod Anand, Director, Loom Photo voltaic stated, “Loom Photo voltaic’s objective is to deliver superior high quality, clear power and broaden sustainable power entry within the nation. As we’re considerably scaling our portfolio to offer power entry and supply inexperienced power options to communities propelling financial development, decreasing carbon emissions, and bettering environmental sustainability, the funding assist from Social Funding Managers and Advisors (SIMA) has come well timed. Loom Photo voltaic has efficiently delivered clear energy to hundreds of consumers throughout residential, industrial, and industrial sectors in India, and we sit up for working in the identical route by bringing extra environment friendly & inexperienced power options in instances to return.”

Arivazhagan G D, Associate at SIMA, stated,“Loom Photo voltaic is likely one of the fast-growing firms in India within the photo voltaic manufacturing area clearly distinguishing itself via product, processes, and providers. Loom Photo voltaic has a transparent focus to remain forward of the curve as it’s continuously innovating and offering photo voltaic options that supply increased effectivity. Began with a small fairness base, Loom Photo voltaic is pushed by budding entrepreneurs, who’ve been crystallizing alternatives innovatively and leaving no stones unturned together with early venturing into the ecommerce area. Balancing development with profitability, Loom Photo voltaic has been treading in a candy spot. As Loom Photo voltaic has been overcoming the disruptions brought on by COVID within the provide chain and is steering via the current adjustments in import responsibility that slowed down the market briefly, we consider that EARF assist from SIMA could make Loom Photo voltaic be extra resilient to attain its power entry objectives.”

SIMA’s EARF goals to take care of the sector’s progress in bringing clear power entry to all and has to this point permitted assist to 112 firms in 22 international locations. EARF has been supporting power entry corporations which have made exceptional progress in mitigating local weather change and reaching individuals, companies and social establishments with low carbon power, particularly these that are working out of sub-Saharan Africa and lots of components of Asia.