Ecozen Raises USD 30 Million to Expand Climate-Smart Technology Solutions
Summary
The investment round includes continued backing from existing equity investors like Nuveen, along with new debt support from InCred Credit Fund and the U.S. International Development Finance Corporation (DFC), facilitated by Ecozens advisor Setuka Partners LLP.The influx of capital comes at a crucial juncture for Ecozen, which has witnessed exceptional growth over the past two years, with a fivefold increase in overall business and a tripling of profits. The company is poised to double its revenue in the current fiscal year, driven by robust demand for its existing products. Leveraging its advanced technology stack comprising motors and controls, thermal energy storage, AI, and IoT, Ecozen aims to enter new sectors transitioning towards cleaner energy sources.Ecozens innovative solutions have already made significant strides in decarbonizing sectors such as agriculture, and now the company is eyeing opportunities in milling, mobility, retail, and industry. These clean energy solutions not only boost farmers incomes but also contribute to substantial environmental gains, having reduced greenhouse gas emissions by 2 million tonnes and prevented more than 50,000 metric tons of food loss.Devendra Gupta, CEO and Co-Founder of Ecozen, expressed confidence in the companys growth trajectory, emphasizing the importance of this capital infusion to scale operations and deepen market presence globally. James Polan from DFC highlighted the projects potential to enhance agricultural productivity and reduce emissions in India.