Loom Solar secures $2 million in fundraising

Loom Solar, a solar technology startup based in Haryana has raised $2 million in funding from the United States based asset manager Social Investment Managers and Advisors (SIMA Funds) to support its growth strategy for solar energy solutions. Loom makes bifacial solar panels as well as lithium batteries.

According to the company, its clean solutions currently power more than 50,000 homes in India. The startup claims to be creating an ecosystem for residential customers to gain access to better technology and faster financing in order to make solar energy more affordable. The World Bank Group, Development Finance Corporation, British International Investment, and the Dutch development bank FMO have contributed to the fundraising effort.

Recently in January 2023, Husk Power Systems, a solar microgrid operator, received a loan worth $750,000 from the German Investment Corporation – Deutsche Investitions- und Entwicklungsgesellschaft (DEG). This loan has been taken to support the company’s expansion of operations in India and the construction of eight new community solar microgrids in Nigeria.

Additionally, in December 2022, Partners Group, a Swiss investment firm, decided to buy a majority stake in Gurugram-based renewable energy company Sunsure Energy for Rs 32.9 billion. The investment will help Sunsure to execute its portfolio of renewable projects and provide new services to commercial and industrial (C&I) customers.