Energy solutions company Smart Joules raises funding from IFU
The Investment Fund for Developing Countries (IFU) has extended its investment to Smart Joules under a Green Strategic Partnership between India and Denmark.
Smart Joules, an Indian energy efficiency company, has secured $8 million from the Investment Fund for Developing Countries (Investeringsfonden for Udviklingslande or IFU), a Development Financial Institution owned by the Government of Denmark.
The compaby said funds will be allocated towards executing the organisation’s Cooling-as-a-Service (CaaS) partnerships with leading healthcare and hospitality chains, aimed at reducing energy consumption and carbon emissions.
The funding will be instrumental in advancing vision towards reducing 29 million tonnes of carbon emissions by 2030, it added. Additionally, the investment will enable Smart Joules to foray into cooling-intensive sectors like data centres, pharmaceutical manufacturing facilities, and commercial offices, a statement from the company said.
The company plans to execute portfolio-wide partnerships across various industries, resulting in an incremental reduction of approximately 7.5 lakh tonnes of CO2 emissions. Furthermore, it also aims to aid customers in achieving a minimum 20% reduction in energy costs through capital expenditure interventions.
"We are thrilled to be the first recipients of this investment and this couldn’t have come at a better moment in our journey. As a leap towards achieving our vision to reduce 29 million tonnes of carbon emissions by 2030, this investment will help us execute our robust pipeline of portfolio-wide CaaS partnerships. It will go towards saving energy, carbon emissions and costs, allowing our customers to meet their decarbonisation and profitability objectives simultaneously and starting immediately," said Arjun Gupta, Founder and CEO, Smart Joules.
Instituted in 2014, Smart Joules' CaaS solution has been designed keeping energy efficiency at its core.
"Smart Joules has proven solutions that significantly reduce energy consumption and greenhouse gas emissions from cooling of commercial buildings that are rapidly growing in numbers,” said Nitish Chawla, Senior Investment Manager at IFU.
Instituted under the realms of the India Green Finance Initiative, the IFU has been focusing on investments that would drive the green transition for India and its sustainability goals.
Edited by Megha Reddy