In brief: Solar startup Freyr raises $1.5m via Singapore crowdfunding platform

Freyr Energy, an Indian full-service solar solutions firm, has closed a US$1.5 million series A round through Impact Partners, the world’s largest crowdfunding platform for impact investing.

Impact Partners brought together a consortium of global investors including Netherlands-based C4D Partners and India-based angel investors. According to IIX’s impact assessment, funding will expand access to reliable and affordable solar energy to 2,275 households and 2,975 businesses, enable 675 off-grid rural villages to enjoy electricity for the first time through micro-grids, and avoid 167,270 metric tons of CO2 emissions by 2022.

Source: Impact Investment Exchange (IIX)

Impact Partners is operated by Impact Investment Exchange (IIX), a Singapore-based organization that seeks to link investors with social and environmental projects.

Co-founder Saurabh Marda said Freyr will use the funds to “continue improving our technology platform, increase the strength of our sales and channel partner network, and support our marketing activities to fuel future growth.”

Freyr has been profitable for the past two years, and has seen its revenue grow 16x over the past four years. It has installed over 1,000 solar energy systems across 18 states in India, and also has customers in the Ghana, Nigeria, and the US.

It graduated from IIX’s Acceleration for Capacity-building and Technical Services (ACTS) accelerator program last year.