Loom Solar Raises Funds to Provide Green Energy Solutions
- ByStartupStory | January 17, 2023
The US-based Social Investment Managers and Advisors (SIMA) have donated $2 million to the Energy Access Relief Fund (EARF), which is sponsored by the World Bank, DFC, BII, FMO, IFC, and others. Loom Solar is a startup in the solar technology industry.
The business stated in a statement that the money will help it realise its medium-term objective of using sustainable solar energy to power millions of households in India.
The Faridabad-based firm was established in 2018 and operates in the home solar market. Products including mono solar panels, grid-connected AC modules, and shark bifacial in the shark series, among others, have been introduced.
Its current priorities include expanding its capabilities, innovating, and creating a new product portfolio as well as a stronger brand and extensive distribution network across India. In addition to India, it exports its goods to ten other nations, primarily in North America and Europe, as part of the Indian government’s “Make in India” campaign.
Amod Anand, director of Loom Solar said,“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,” Anand added further.
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