Freyr Energy, a rooftop solar firm based in Hyderabad, raised $7 million in a Series B round headed by the EU-funded impact investment facility EDFI ElectriFI, which also contributed $3 million. Participating investors included the Schneider Electric Energy Asia Fund (SEEAA), Lotus Capital LLC, Maybright Ventures, and VT Capital. The firm has received a total of $10.5 million in investment to date.

"This strategic investment reinforces Freyr Energy’s commitment to empowering Indian retail customers and will allow us to make investments in building our team, product development, and marketing to continue scaling at a rapid pace", said Radhika Choudary and Saurabh Marda Freyr Energy, which was established in 2014, serves the residential and MSME sectors and aids with the switch to solar energy.

Through its own product, SunPro+ App, the firm has digitalized the complete customer journey from researching to purchasing a solar system. The Indian retail solar market is incredibly fragmented and disorganised. In this situation, we certainly see a chance to work with Freyr Energy to deliver solar solutions, technology, and consumer finance to enable retail consumers to switch over to solar power smoothly and lower their electricity costs.

We at EDFI MC are pleased to have completed this equity deal with like-minded investors from throughout the world, said to Rodrigo Madrazo, CEO of EDFI Management firm. Schneider Electric Energy Access Asia, C4D Partners, and Total Carbon Neutrality Ventures each invested Rs 18 crore in the firm in April 2021.