Ecozen, a climate technology company raises $25 million to go beyond agriculture
The Export-Import Bank of India (India EXIM Bank), Caspian, and Hivos-Triodos Fonds participated in the Series C equity portion, which was led by Nuveen and Dare Ventures (Coromandel International) (managed by Triodos Investment Management).
Maanaveeya Development and Finance, Oxyzo, Northern Arc group, HDFC Bank, and Axis Bank all contributed to the debt part. The business has prevented over 20,000 metric tonnes of food loss, generated over 1 billion kWh of clean energy, and cut more than 1 million tonnes of GHG emissions.
"We will continue to put a strong emphasis on profitable growth and environmentally friendly technological solutions as we expand outside of India and agriculture. Ecozen will rapidly increase production and product offerings "said Devendra Gupta, Ecozen's CEO and Co-Founder. According to Ecozen, its Ecofrost and Ecotron product lines have revolutionised the irrigation and cold chain industries, enhancing the earnings of 120,000 farmers and assisting in the decarbonization of agriculture.
It will now leverage Nuveen's experience in scaling impact-oriented businesses to augment its commercial offering, and the funding from India Exim Bank will support the Company towards its export-related activities. The company is looking beyond the agricultural sector to accelerate the broader energy transition through its deeptech expertise in energy storage, motor controls, IoT and analytics.
Rekha Unnithan, Managing Director and Co-Head of Private Equity Impact Investing at Nuveen, said: "Together, we will exponentially extend their impact globally and beyond agriculture with Ecozen's proven competence in delivering climate-smart technology solutions while maintaining profitability. According to Harsha Bangari, Managing Director at the Export-Import Bank of India, Ecozen has promise in foreign markets due to its cutting-edge clean technology solutions.