The US-based Social Investment Managers and Advisors (SIMA), which is part of the Energy Access Relief Fund (EARF) sponsored by the World Bank, DFC, BII, FMO, and others, have announced a $2 million investment in the Haryana-based start-up Loom Solar.

According to the official press release, the funding will be used to power homes in India in the medium term through sustainable solar energy. The start-up manufactures bi-facial solar panels and lithium batteries.

“Loom Solar’s goal is to bring superior quality, clean energy and expand sustainable energy access in the country. As we are significantly scaling our portfolio to provide energy access and provide green energy solutions to communities, the funding support has come timely,” said Amod Anand, director, Loom Solar. He added that the company looks forward to bringing more efficient green energy solutions.

“As Loom Solar has been overcoming the disruptions caused by COVID in the supply chain and is steering through the recent changes in import duty that slowed down the market briefly, we believe that the funding can make the firm more resilient to achieve its energy access goals,” said Arivazhagan G D, Partner at SIMA.

The official announcement also stated that SIMA's EARF has thus far authorised support for 112 businesses in 22 nations. It has been assisting energy access companies who have achieved outstanding strides in reducing climate change and providing low carbon energy to individuals, businesses, and social institutions, particularly those based in sub-Saharan Africa and numerous Asian regions.