Solar Tech Start-up Loom Solar Raises $2 Mn Funding from SIMA Funds, United States

Jan 18, 2023 12:08 PM ET
  • Emerging startup in solar tech Loom Solar has raised $2 Million funding from US-based Social Investment Managers as well as Advisors (SIMA) under the Energy Access Relief Fund (EARF) supported by the World Bank, DFC, BII, FMO, IFC and others.

Emerging startup in solar tech Loom Solar has actually raised $2 Million financing from US-based Social Investment Managers and also Advisors (SIMA) under the Energy Access Relief Fund (EARF) supported by the World Bank, DFC, BII, FMO, IFC as well as others.

The start-up that considers the production of bi-facial solar panels as well as lithium battery, is headquartered in Faridabad, Haryana. Besides India, the four years of ages company exports its products to 10 nations greatly in North America as well as Europe, under the Government of India's 'Make in India' effort.

The financing will certainly support Loom Solar to achieve its goal of powering countless homes in India in the medium term with lasting solar energy. Loom Solar preserves that it has actually been establishing its capacity, continuously introducing, and building new product portfolio. The company is also concentrated on building a more powerful brand name as well as a deep distribution network across India.

Over 50,000 homes across India today are powered by Loom Solar, and the start-up is creating an eco-system for residential customers with the help of modern technology, product development, service and easy and also fast financing. Loom Solar includes that is encouraging new Indian homes and also the existing ones to access energy via solar, which is lasting.

Amod Anand, Director, Loom Solar said, "Loom Solar's goal is to bring remarkable quality, clean energy and also broaden lasting energy access in the nation. As we are substantially scaling our portfolio to supply energy access and also supply green energy services to communities pushing economic development, reducing carbon emissions, and improving environmental sustainability, the financing assistance from Social Investment Managers as well as Advisors (SIMA) has actually come prompt. Loom Solar has efficiently delivered clean power to countless clients across residential, business, and industrial fields in India, and also we anticipate working in the exact same instructions by bringing more effective & green energy options in times to find."

Arivazhagan G D, Partner at SIMA, stated," Loom Solar is one of the fast-growing firms in India in the solar manufacturing space clearly differentiating itself with product, processes, and services. Loom Solar has a clear focus to stay ahead of the curve as it is frequently innovating and also offering solar options that use higher efficiency. Started with a small equity base, Loom Solar is driven by budding business owners, who have been taking shape chances innovatively as well as leaving no rocks unturned including early venturing into the ecommerce space. Balancing development with earnings, Loom Solar has actually been treading in a pleasant place. As Loom Solar has actually relapsed the disturbances caused by COVID in the supply chain as well as is steering through the recent adjustments in import task that reduced the market briefly, our company believe that EARF support from SIMA can make Loom Solar be much more resilient to achieve its energy access goals."

SIMA's EARF aims to keep the field's progression in bringing clean energy access to all and has up until now approved assistance to 112 business in 22 nations. EARF has actually been supporting energy access companies that have actually made remarkable progress in mitigating climate adjustment as well as getting to people, organizations as well as social institutions with low carbon energy, specifically those which are running out of sub-Saharan Africa as well as numerous parts of Asia.

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