LOOM SOLAR Raises $2 Million Funding From SIMA Funds The funding will support Loom Solar to achieve its goal of powering millions of homes in India in the medium term through sustainable solar energy
By Teena Jose
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Emerging solartech startup Loom Solar has raised $2 Million funding from US based Social Investment Managers and Advisors (SIMA) under the Energy Access Relief Fund (EARF) supported by the World Bank, DFC, BII, FMO, IFC and others. The funding will support Loom Solar to achieve its goal of powering millions of homes in India in the medium term through sustainable solar energy.
"As we are significantly scaling our portfolio to provide energy access and provide green energy solutions to communities propelling economic growth, reducing carbon emissions, and improving environmental sustainability, the funding support from Social Investment Managers and Advisors (SIMA) has come timely. Loom Solar has successfully delivered clean power to thousands of customers across residential, commercial, and industrial sectors in India, and we look forward to working in the same direction by bringing more efficient and green energy solutions in times to come," said Amod Anand, director, Loom Solar.
The four years old company exports its products to 10 countries largely in North America and Europe, under the Government of India's 'Make in India' initiative. Over 50,000 homes across India today are powered by Loom Solar, and the startup is developing an ecosystem for residential customers using superior technology, continuous innovation in product, enhanced service, and easy and quick finance, so that solar energy access for consumers can become hassle-free, claimed by the company in a startup.
"Balancing growth with profitability, Loom Solar has been treading in a sweet spot. 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 EARF support from SIMA can make Loom Solar be more resilient to achieve its energy access goals," said Arivazhagan G D, partner at SIMA.
SIMA's EARF aims to maintain sector's progress in bringing clean energy access to all and has so far approved support to 112 companies in 22 countries, the statement added.
